KARACHI: Gold prices have surged to a record high of Rs263,700 per tola, marking a significant increase of Rs1,700 from the previous day. This rise comes amid growing concerns about the transparency of how daily gold rates are set. Despite a global dip of $20 per ounce in gold prices, the 10-gram gold rate has also climbed to Rs226,080, according to the All Sindh Saraf and Jewellers Association (ASSJA).
The recent price hike has sparked confusion and skepticism. The ASSJA has raised the one-tola rate by Rs1,000 since August 22, even as international prices have fallen. This discrepancy has led many to question the fairness of the rate-setting process, especially since Pakistan does not import gold in large quantities but relies on old gold and jewelry from abroad.
Following a crackdown last year on speculation and smuggling, the gold trade has promised increased transparency. However, many jewellers still do not use computerized systems or provide proper receipts.
Habibur Rahman, chairman of the Pakistan Gem and Jewellery Traders and Exporters Association, has called for a regulatory body to oversee gold pricing and imports. He highlighted that a quarter of the country’s gold supply comes from smuggling, with the remainder from old gold and international travelers. Mohammad Haseen Qureishi of the All Karachi Jewellers and Manufacturers Association supports this call, urging the government to implement effective oversight to curb speculative trading and restore market confidence.
