RAWALPINDI : Feb 4,2023: A ping-pong in the local gold market is continuing without any break.
Gold, which had shot up to Rs 207000 a tala of 24 karat the other day in local market, bounced back on Saturday to settle at Rs 202000 in the Rawalpindi Sarafa Bazar, showing a drop of Rs 5000 a tola.
According to Markazi Sarafa Bazar Rawalpindi, today gold per tola rate of 24 karat dropped down to Rs 202000 . On Friday , this rate was Rs 207000 a tola.
The rate of one tola gold of 22 karat today is Rs 195700. Likewise , the price of 10 gram gold of 24 karat in the local market is Rs 173180. The price of 10 gram gold of 22 karat today is Rs 167780.
The price of one tola gold of 24 karat (bar) today is Rs 204000.
Quick fluctuation has turned gold business in Pakistan into a gambling.
Like a gambler , a trader enters into gold market in the morning and returns home in the evening. He either loses or.gains, but like a traditional gambler he never knows what his fate was going to be at the end at the closing of the trade session on that particular day.. Exactly , like a gambler a gold trader makes windfall gains or loses massively at the end of the working session .
In Pakistan market , gold is showing fast fluctuation . So it’s not possible for goldsmith’s to trade like one used to do with his clients in the future.
This trend has negatively impacted the gold business in Pakistan . The end buyers are absent from the market .
Mohammad Rafiq ,. a local gold smith worries for his business . Talking to NEWSMAN he said ” We just sit and watch the market trend for the whole day as there are no end buyers in the market”.He argues that spot buying like trend has damaged our business.