One-tola gold price falls to Rs199,500

After almost a month gap, the All Pakistan Gem and Jewellers Association (APGJA) on Tuesday resumed issuance of daily gold rates. The association announced 10-gram and one-tola rates at Rs171,039 and Rs199,500 against Rs184,585 and Rs215,000 issued on Sept 12, showing a fall of Rs13,546 and Rs15,500, respectively. On Tuesday, the local rates were fixed based on the world gold rate of $1,856 per ounce as compared to $1,911 on Sept 12, depicting a drop of $55 per ounce. Since the law enforcement agencies had initiated a crackdown on gold mafia, speculators and smugglers from the second week of September, traders had been issuing different rates for one-tola ranging from Rs190,000-230,000 depending on the world market rate and rupee-dollar parity. It remained a mystery whether the rates issued by APGJA on Tuesday were determined on open market or interbank rupee-dollar rates as the rates were previously being fixed on open market dollar rates. However, a senior APGJA office-bearer ran a message in the media that local rates would be issued from Tuesday depending on the interbank dollar rate.