KARACHI, Oct 20: Gold imports have been resumed after remaining suspended for four months and one of the three licensed importers in the country has imported 10,000 tola in the last two days.

“I have imported 10,000 tola gold from Dubai in view of declining trend in global prices,” chairman Tessori Trading Company Limited Kamran Khan told Dawn on Saturday.

Pakistan, however, used to import 10,000 tola per day. “We have initiated the imports to check the market and we may increase the quantum in coming days depending on the market situation, he said.

The government has issued licences to three companies — Tessori, Pardesi and ARY — to import gold in Pakistan. These companies have deposited $50,000 in the government account as a fee besides other guarantees.

Meanwhile, market sources said that Pardesi has also started importing gold, but it could not be immediately confirmed from its officials. However, sources said that ARY is yet to resume imports.

Gold imports have been suspended since June 2001 due to sky- rocketing global bullion prices. Thin demand in the domestic markets also kept the importers to stay away from bringing new consignments. The city used to meet its daily requirements from Punjab.

Kamran Khan, who is also chairman of All Pakistan Gem Merchants and Jewellers Association (APGMJA), said the current rates prevailing in the international markets seem quite feasible to make fresh imports. Besides, gold is now being supplied from Karachi to Punjab where prices are higher. Few months back, the situation was reverse.

Gold price on Saturday maintained at Rs5,743 per 10 grams, despite price flare up of one dollar per ounce to $279 per ounce from $278 per ounce in the international market after US choppers crashed in Balochistan, killing two soldiers.

Answering a question whether imports may be suspended in case the situation in Afghanistan gets further tense, he said it depends on the situation.

The price of yellow metal has been falling since October 11 following downward trend in the global markets, showing a drop of Rs189 per 10 grams in just about a week. The 10 tola gold bar (116.640 grams) price is now quoted at Rs67,000, down by Rs1,800.

Prior to new developments in Balochistan on Saturday, global gold prices were falling as investors and speculators in the west were disposing off their safe haven purchases, fearing decline in prices to $275 per ounce, if investors continued their sales.

In the domestic market, some buying of gold jewellery has been witnessed in a couple of days as the on-going marriage season will be over in few days ahead of Ramazan.

Genuine buyers are now getting some benefits of falling global gold prices as compared to the post-Sept 11 prices when gold touched all time high to Rs6,275 per 10 grams on Sept 22 from Rs5,090 on September 11.

Confusion still prevails in the market whether people are investing in gold or not. Dealers have different views. Some say that investors are buying bullion bar in anticipation of a U-turn in prices in case the situation in Afghanistan gets more worse. Others say that people are now backing off from investing in gold, hoping that dollar will gain its position against the rupee.

A dealer was, however, of the view that gold offers the best avenue for investment because of prevailing uncertainty in stock market and weakening dollar. “Gold is still a safe haven in Pakistan,” he added.