RAWALPINDI : Sept 26 : The gold prices are continuously falling down in the local market after a crackdown on the market exploiters. In the last one week, the gold rates have reduced from Rs 221000 to Rs 206000 per tola for 24 carat.
In the second week of September , the gold rates were recorded in the local market at Rs 221000 a tola and it fell down to Rs 206000 on Tuesday.
The local gold market was driven by the market exploiters–fake investors — for the last one year or so and it led to all time high prices of the precious metal in Pakistan. At one stage in August , the gold prices have gone as high as Rs 240000 a tola . The market distortion has damaged Pakistan’s gold business as all time high prices have left the real buyers in the lurch . They do not have power to buy gold for weddings of their young ones.
The real businessmen also call distortion of the gold market as a negative development . They accept that unnatural price level of gold has hurt the business as the real buyers have been left with no space to buy gold for ornaments needed for marriage of their sons and daughters.
“I can tell you that th real gold buyers have gone out of the reach of real buyers and now only artificial sentiments are ruling the local gold market” , Mohammad Rafiq , a local gold trader said while talking to This scribe on Tuesday . The market distortion has invited crackdown of the law enforcing agencies (LEAs). The LEAs are chasing the fake investors of gold and it has led to reduction in the rates of the previous metal in the last couple of weeks.
