Gold buyers continue facing rate confusion

Consumers on Monday remained in a dilemma at jewellery shops due to the absence of official gold rates, which are typically issued by the All Pakistan Gem and Jewellers Association (APGJA) on a daily basis. The association had suspended the issuance of daily gold rates from last Wednesday after law enforcement agencies cracked down on alleged speculative trading and smuggling. Gold shops are open, but consumers are confused when it comes to purchasing gold-related items or selling old jewellery or gold bars because they do not know whether the rates provided are genuine or artificial. Most buyers do not check the world gold rate or the rupee-dollar parity before making their gold jewellery purchases. Gold traders at Ayesha Manzil and Karimabad on Monday offered different prices, with some of them not ready to quote the bullion rate.