Reopening Pakistan’s Gold Market After Illegal Trading Shutdown

reopening pakistan's gold market after illegal trading shutdown

reopening pakistan’s gold market after illegal trading shutdown

The gold market in Pakistan had to close recently because of illegal trading. It is expected to reopen on Monday.  According to the All Pakistan Gems and Jewellers Association market will open next week.

They are currently discussing the prices at which gold will be sold when it reopens. The prices in Pakistan will mostly follow international prices. But they might be a little bit higher, maybe $2 to $3 more for each 11.66 grams of gold.

Firstly they were going to reopen the market on Friday, but the president of the market, Al-Haj Haroon Rasheed Chand  got sick, so it got delayed.

The market was shut down because gold prices in Pakistan went up by 2.7% to Rs215,000 per 11.66 grams, even though prices were falling globally. Some reports suggested that people were selling gold for even higher prices in Lahore and Peshawar  which was illegal.

The authorities even arrested some people who they thought were making fake demand and supply gaps to control the prices. They believe there are some groups involved in illegal gold trading and tax evasion. That is why the government plans to crack down on the gold mafia.

The president of the APGJA warned people doing these illegal trades to stop or law enforcement would take action against them. They’ve been negotiating with the government and law enforcement to fix this issue.

The gold industry in Pakistan is watching this closely and they want to make sure the market is regulated properly to avoid these problems in the future. Chand, the president of APGJA, is determined to stop illegal trading, even if it’s tough.

Read More: Gold markets stop issuing rates to look for ways to curb speculation

He also advised people to use cash and the local currency when they trade gold to make things more transparent and follow the rules.

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As the gold market gets ready to open again, everyone in the industry is paying attention. This situation is to show how important it is that we need  rules and control in the gold market. Which is a big part of Pakistan’s financial system.

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