The trade of gold bars remains suspended at the main bullion markets across the country since September 13, 2023, which has caused uncertainty among traders and buyers.
According to gold traders, the suspension of gold trade was done on the directives of law enforcement agencies seeking to control malpractices in the bullion trade including speculation of the prices, smuggling, and hoarding from various mafias and profiteers.
The gold prices peaked at Rs. 240,000 per tola in early September, reportedly influenced and maneuvered by investors and speculators. On the other hand, the gold is also being smuggled to neighboring countries which inflated its prices to an alarming level.
The sale of gold jewelry has almost seized in the local markets due to its higher prices and eroding purchasing power of a significantly larger section of society.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) has also stopped issuing the price of gold since September 13.
“The trade of gold is expected to resume in the coming days once the revised trading rules are defined by the authorities which will be based on the physical trade of gold rather than the prevailing malpractice of trading on paper,” said APSGJA President Haji Haroon Chand.
“The new and improvised rules of business in the bullion market will contain the prices at a local level but will also control speculations, hoarding, and smuggling of the precious metal. It will also document the traders’ records and investments,” Chand told ProPakistani.