The gold market in Pakistan has switched to a new pricing formula to align it with international standards and put an end to speculative practices.
According to a National Daily newspaper, the new gold pricing mechanism is based on interbank trade. According to the calculation, the price of gold in the country will be roughly $5 higher with a set percentage per tola than the price of gold in the international market. The rates will then be converted into Dirham and finally into local cash.
In a statement, All Pakistan Gems and Jewellers Association President Haji Haroon Rasheed Chand said that the new pricing formula will bring uniformity in prices. He added that the formulae will also put an end to speculative pricing that dominated the domestic gold market in the past.
Read More: Gold Prices in Pakistan Officially Announced After Almost a Month
According to Chand, speculators and black marketeers were selling gold at extravagant prices, causing a price difference, but a switch to the new pricing formula will solve the problem. He did, however, underline the importance of successfully enforcing pricing increases.
It is worth noting that, after nearly a month of delay, the All-Pakistan Gems and Jewellers Association (APGJA) finally released gold prices on Tuesday. The pricing were recently published by the association on September 12th. After law enforcement agencies initiated a crackdown on smuggling and tax evasion in September, gold traders ceased giving rates.
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