The gold market had been closed for three days as law enforcement agencies conducted an investigation, causing uncertainty among traders and investors.
KARACHI: (UrduPoint/Pakistan Point News-Sept 16th, 2023) The Pakistani bullion market is set to reopen this Saturday after authorities cracked down on suspected speculative trading.
This decision was announced by Haji Haroon Rasheed Chand, President of the All Pakistan Gems and Jewellers Association (APGAJA).
The gold market had been closed for three days as law enforcement agencies conducted an investigation, causing uncertainty among traders and investors.
The market closure occurred after a 2.7% surge in gold prices to Rs215,000 per tola (11.66 grams), defying global trends. Some market participants were detained on suspicion of artificially manipulating demand and supply to influence prices.
Haroon Chand, in a recorded message, confirmed the market's reopening and pledged the association's commitment to spot or ready trading, eliminating speculation.
The association also worked to enhance market compliance with regulations and transparency, leading to the release of some detained participants.
As the market reopens, stakeholders anticipate greater transparency and accountability, emphasizing the need to adhere to regulations in the gold market, a crucial aspect of the regional economy and trade.
It's noteworthy that intelligence and law enforcement agencies have initiated a significant crackdown on the gold mafia and smugglers, accused of price manipulation and tax evasion.
A government task force, composed of officials from various agencies, has been formed to apprehend these individuals and pursue legal action. Additionally, the government intends to digitize gold sales and purchases while bringing gold dealers within the tax framework.
