KARACHI: Following a crackdown on alleged speculative trading, the bullion market in Pakistan will reopen on Saturday, according to the president of the All Pakistan Gems and Jewellers Association (APGAJA), Haji Haroon Rasheed Chand, who made the announcement the day before.
After a crackdown, Pakistan gold market will reopen today
The News reported that the gold market was closed for three days as law enforcement looked into the situation.
Because of the pause, dealers and investors were left in the dark on the current gold prices, which led to doubt and confusion.
After gold prices increased 2.7% to Rs215,000 per tola (11.66 grams), despite a global fall, the market was closed on Tuesday.
A few market participants were imprisoned by the authorities on suspicion of faking fake supply and demand mismatches to drive up prices.
Haroon Chand delivered a taped statement in which he announced the return of market activity.
The group, he said, has partnered with the law enforcement and promised to only conduct spot or ready trading in the market, with no room for speculators.
The authorities had agreed to release certain market players who had been detained on suspicion of manipulating the gold prices, according to Chand, who also said the association had taken steps to assure the market’s compliance with rules and transparency.
“We hope that the market will reopen tomorrow and that the rates will be announced as usual,” Chand added.
After a crackdown, Pakistan gold market will reopen today
Strikes against the gold mafia
Market players and investors will keep a careful eye on events as the gold market gets ready to reopen in the hopes of seeing more accountability and openness.
The circumstance has highlighted the significance of following rules and preserving the integrity of the gold market, which is essential to the region’s economy and trade.
The gold mafia and smugglers, who are accused of manipulating the price of gold and dodging taxes, are the target of a significant crackdown by the intelligence and law enforcement agencies, sources said on Friday.
To take serious action against the gold mafia and smugglers, who have been discovered and listed by the authorities, the government has assembled a task force made up of representatives from numerous agencies.
The task force was established with the intention of apprehending the mafia and smugglers so that legal action could be taken against them.
In addition, the government has made the urgent decision to get to work computerizing gold sales and purchases and bringing gold dealers under Pakistan taxation.
