It may sound weird that the price of gold is fixed daily based on domestic and international economic indicators despite the discontinuation of its official import over a decade ago, but that is the reality today.

Stakeholders of various commodities usually fix prices based on local and import taxes and duties, demand and supply situation, and rupee-dollar parity.

Perhaps the yellow metal is one of the only commodities over which no official or private data regarding purchase and use is maintained or available, owing to the lack of its official imports.

Bullion prices have been making headlines worldwide and in Pakistan since the US president began imposing record-high tariffs on China and other countries. Since then, gold prices continue to break new records every week in Pakistan despite rupee-dollar stability for the past one and a half years.

Speculation in gold trading has resurfaced, causing daily disparity in domestic rates

The 10 grams and one tola gold rates have skyrocketed by Rs111,711 and Rs130,300, respectively, from January 1, 2024, till April 17, 2025, to Rs300,068 and Rs350,000, respectively, owing to a $1,247 per ounce jump in world gold price to $3,329 per ounce in the above period. A single dollar continued to sell at Rs280 in the interbank market in the above period.

As the result of a persistent rise in domestic prices, backed by rising global prices and investors’ active participation, speculation in gold trading has surfaced again, causing disparity in the rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) versus open market rates.

Traders said the one tola gold rate ranges between Rs356,000 and Rs357,000 instead of Rs350,000 as announced by the APSGJA, thus challenging the........

© Dawn Business