Karachi October 13 2023: The per tola price of 24 karat gold decreased by PKR 100 and was sold at PKR 197,100 on Friday compared to its sale at PKR 197,200 the previous day of trading.
Traders have stated that the shift to interbank trading within the gold market signifies a significant development, introducing a novel pricing approach. According to this new approach, local gold rates are anticipated to be approximately $5 higher per tola along with a specific percentage compared to international rates.
These rates are subsequently converted into Dirham rates and then into Pakistani rupees. This transition is designed to bring local gold pricing more in line with international standards. Al-Haj Haroon Rasheed Chand, President of the All Pakistan Gems and Jewellers Association, expressed that the move toward interbank trading represents a crucial step in achieving pricing consistency. He further explained that the new pricing formula is aimed at reducing disparities and speculative pricing practices that might have influenced the local gold market in the past.
The price of 10 grams of 24 karat gold also decreased by PKR 89 to PKR 168,981 from PKR 169,070 whereas the prices of 10 gram 22 karat gold down up to PKR 154,900 from PKR 154,978, the All Sindh Sarafa JewellePKR Association reported.
The price of per tola and ten gram silver remained constant at PKR 2,500 and PKR 2,143.34 respectively.
The price of gold in the international market increased by $7 to $1,892 from $1,885, the Association reported.