Exciting news for the Gold Buyers in Pakistan
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Karachi, Pakistan's gold market has recently undergone a significant transformation by adopting a new pricing formula designed to align with international standards and eliminate speculative pricing practices. According to a national daily report, this innovative pricing structure is now based on interbank trading.
Under the new formula, the gold price in Pakistan will be adjusted upwards by approximately $5 per tola relative to the international market gold price, along with a specific percentage increase. These rates will then be converted into Dirham and subsequently translated into the local currency.
Haji Haroon Rasheed Chand, President of the All Pakistan Gems and Jewellers Association, has expressed his support for the new pricing formula.
He believes that this reform will bring about price consistency, effectively reducing the speculative pricing that previously influenced the domestic gold market.
Chand also highlighted the disruptive impact of speculators and black market activities, which had led to the sale of gold at inflated prices, causing significant price disparities. However, the transition to the new pricing model is expected to address these issues, and Chand emphasized the importance of rigorous enforcement of these pricing adjustments.
It's worth noting that the All-Pakistan Gems and Jewellers Association (APGJA) recently resumed publishing gold prices after a hiatus of almost a month.
This interruption in price updates was a result of law enforcement agencies cracking down on smuggling and tax evasion activities in September, with the last published prices dating back to September 12.
