KARACHI – Gold prices in Pakistan recorded a slight dip on Saturday after witnessing massive increase in previous sessions over the week.
According to Sarafa Association, per tola gold price dipped by Rs600 to 481,862 while the 10-gram saw a decline of Rs515 with new rate settling at Rs413,118.
The bullish trend in local market is line with the dropping international prices. The price of per ounce gold fell by $6, bringing new rate to $4,595.
Silver prices in Pakistan also moved down as per tola rate declined by Rs43 to settle at Rs9,482.
Aqil Ali, a gold trader who closely monitors local and global trends, has predicted that prices of the yellow commodity are likely to open negative in next business week due to cooling down situation in Iran.
He said the decision of US President Donald Trump to avoid military action in Iran has ended uncertainty in markets to some extent.
New SOPs for Lahore jewelers after 20kg gold heist
After a month-long investigation into the alleged theft of 20kg of gold by a jeweler in Lahore’s Ichhra market, the Deputy Inspector General of Police (Investigation) for Lahore, Syed Zeeshan Haider, has issued new Standard Operating Procedures (SOPs) to regulate gold trading activities and protect legitimate jewelers from undue harassment.
The SOPs were introduced at the request of Muhammad Ahmad, Chairman of the Lahore Division Sarafa and Jewelers Association. They aim to ensure transparency in business transactions and prevent unnecessary disruptions to registered jewelers and members of the sarafa community.
According to the new guidelines, police officers are prohibited from harassing or involving jewelers in investigations unless there is solid evidence linking them to the sale of stolen goods. If investigators need to review a jeweler’s records or CCTV footage, it must be done in the presence of an authorized representative from the Sarafa Association.
In cases of suspicious transactions, jewelers’ purchase registers and related documents will only be seized in the presence of association officials, with a video recording and signed acknowledgment from the jeweler. DIG Haider also emphasized that any misuse of authority by officers would result in strict departmental action.
Additionally, all jewelers must ensure they record detailed information about sellers, including CNIC copies and photographs, to maintain transparency and avoid legal issues related to stolen items. To address any operational queries, DSP Legal Javed Dogar will serve as the main point of contact.
