Crackdown pulls down gold price sharply

Bullion now costs Rs188,000 per tola

KARACHI:

The price of gold has dropped sharply in the domestic market in the wake of stern action against the mafia involved in illegal activities.

Since the crackdown on illicit trade, the price of gold has come down by a whopping Rs27,000, reaching Rs188,000 per tola.

The local gold pricing body has not been releasing daily prices for more than three weeks now. Bullion rates were last announced on September 12 when gold was priced at Rs215,000 per tola. On Thursday, the price of 10-gram gold stood at Rs160,400, far lower than the rate of Rs184,585 quoted on September 12. In about three weeks, the 10-gram price has decreased by over Rs24,000.

In the international market, the bullion became cheaper by $12 per ounce compared to the previous day, standing at $1,814.

The local bullion market did not release the official gold rates on Thursday as well. Pricing committee head Haji Haroon Rashid Chand once again announced that the regular release of gold price list would resume soon.

Published in The Express Tribune, October 6^th, 2023.

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