All Pakistan Gem and Jewellers Association again suspends issuance of gold rates
After Peshawar and Lahore traders unilaterally issued higher rates in violation of the mutual understanding, the All Pakistan Gem and Jewellers Association (APGJA) has announced to stop the issuance of daily rates for one week. The association on Wednesday increased the 10-gram and one-tola rates by Rs5,487 and Rs6,400 to Rs177,049 and Rs206,500, respectively, following a hike of $35 per ounce to $1,959 in the world market. On the contrary, traders in Lahore and Peshawar had issued much higher one-tola rates in the range of Rs213,000-216,000 despite a mutual understanding with the countrywide traders for fixing the rate at Rs206,500 across the country based on the interbank dollar rate, claimed APGJA President Haji Haroon Rasheed Chand. The association resumed issuing daily rates from Oct 10 after a gap of almost a month due to ongoing raids by law enforcement agencies on smugglers and speculators in the bullion market in which five traders were also picked up in September on alleged involvement in illegal trading.