Gold bar transaction has been prohibited on the nation’s principal bullion markets since September 13, 2023, worrying merchants and buyers.
Investors and speculators drove gold prices to Rs. 240,000 per tola at the beginning of September. In addition, gold is secreted into neighboring countries, resulting in alarming price inflation.
In local markets, Sona jewelry sales have virtually ceased as a result of rising prices and diminishing purchasing power.
The All-Pakistan Sarafa Gems and Jewelers Association (APSGJA) has not published gold prices since the 13th of September.
The President of the APSGJA, Haji Haroon Chand, made the following statement: “The trade of gold is expected to resume in the coming days once the revised trading rules are defined by the authorities. These new rules will be based on the physical trade of gold rather than the prevalent malpractice of trading on paper.”
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Restrictions on Price Speculation
The new legislation governing the bullion market will place restrictions on local prices as well as speculation, hoarding, and smuggling. Chand has confirmed that it will keep a record of the investments and data relating to merchants.
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Later, the gathering was informed that the association’s president had stated that physical trading will replace speculative and weekly gold transactions starting Saturday. Consultations would determine rates on Saturday. It added that Haji Chand had assured the authorities that market rates would be supplied fairly and not speculatively.
Saturday saw no gold rates despite claims, with the group mentioning meetings and negotiations.
Daily gold rates are based on rupee-dollar parity and international pricing, but domestic rates were kept higher despite a decline in world market rates and exchange rate stability, causing controversy. Despite world market rates rising and the rupee falling against the dollar, rates were sometimes held steady.
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Haroon Chand told that the association expects to release rates on Monday or Tuesday.
According to media reports published on Friday, a task force comprised of intelligence agencies and law enforcement agencies has been assembled to initiate an assault on the gold mafia and pursue legal action against smugglers. In addition, the gold transaction would be computerized.
He stated that he cannot corroborate media reports regarding the formation of the task force and the computerization of trade.
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