Crackdown on smugglers halts gold rate updates for four days
By News Desk
September 16, 2023 06:44 PM
A rigorous crackdown on gold smugglers has left the nation's gold market in a state of suspense, with no updates to gold rates for four consecutive days.
The price of gold per tola remains frozen at the same level as it stood four days ago, as authorities clamp down on speculators in the bullion market.
Sensitive institutions have launched an extensive campaign against gold smugglers and fraudulent practices in determining gold prices, signaling a determination to eradicate these illegal activities from the market.
Gold dealers find themselves navigating a unique situation as they continue to trade at rates that have not seen any changes in four days.
The spokesperson for the Sarafa Market assured the public that the new gold prices would be announced as per usual starting from the upcoming Monday. The All Pakistan Gems and Jewelers Association, led by President Haroon Chand, announced the imminent reopening of the gold market on Saturday.
Haroon Chand further stated that sensitive institutions have given their assurance that gold prices will remain stable and not experience any undue fluctuations. He also emphasized that efforts are underway to establish transparency in gold pricing, ensuring that the market operates in accordance with international standards and national regulations.
Currently, the price of gold per tola across the country remains fixed at Rs 215000, reflecting the rates of September 12, as confirmed by the President of the All Pakistan Gems and Jewelers Association. Future considerations are being made to digitize the gold pricing system, aligning it more closely with modern financial practices.
While the crackdown on gold smuggling is seen as a positive step towards curbing illicit activities in the gold market, industry experts and traders eagerly await the reopening of the gold market with updated prices, hoping for greater stability and transparency in the future.
As the authorities work towards ensuring that gold trading aligns with both international market dynamics and local regulations, the gold market's future may see a transformation that benefits both traders and consumers alike.