RAWALPINDI: Sept 13: The gold rates jumped by another Rs 5000 to take per tola price of the precious metal to Rs 219000 on Wednesday.
The gold rates had crashed in the local market of Pakistan with reduction in them by Rs 31000 per tola in just three days of the last week taking the value of the metal from Rs 240000 down to Rs 209000 per tola.
This huge fluctuation in just three days in the gold rates have resulted in huge loss to the traders as they were not expecting such a reduction in the rates.
A goldsmith who did not want to be mentioned in the story told NEWSMAN on Wednesday that the reduction of Rs 31000 per tola has left many gold traders in huge loss on investment. He added that the gold rates are calculated on Afghan currency party with US dollar and since Afghan currency is fluctuating unpredictably its resulting in sharp reduction or increase in the rates of gold in Pakistan.
“Such a quick fluctuation in gold rates is fatal for the trade of the metal as no one buys gold in such an environment of panic”, said the goldsmith , adding “ We believe the current level of Rs219000 price of gold per tola is factual and it should fluctuate on the basis of change in its price in the international gold market”.
Pakistan’s gold market is extremely volatile. It changes both ways irrationally giving room to the traders who work under fixing strategy but it harms the market that the real buyers stay away from the market.
Meanwhile, US dollar value is continuously going down in Pakistan’s currency market. In the last 24 hours, US dollar lost another one rupee both in interbank and open market.
According to All Pakistan Currency Dealers Association (APCDA), this reduction in rates brought US dollar rates at Rs 299 both in interbank and open market. APCDA claims do not match with the open market sentiments. NEWSMAN conducted a survey of the currency market in Rawalpindi and Islamabad it suggested that US dollar rates in open market were below Rs 290 and the currency dealers were not buying US dollar even at Rs 290.
A US dollar buyer told this scribe that he was trying to sell US dollar in blue area of Islamabad which is main currency market of twin cities of Islamabad and Rawalpindi but the currency dealers were buying dollar from him.
