Despite the Crackdown, Gold Rate Issuing is Still Halted in 2023 

The association announced prices for one-tola price at Rs.215,000 and 10-gram at Rs.184,585. the issuing of gold rates is still suspended.

KARACHI:

 Due to a crackdown by law enforcement authorities on the gold mafia, speculators, and smugglers, the All Pakistan Gem and Jewellers Association (APGJA) has been unable to publish daily gold rates for the last four days.

The association most recently announced the rate of one tola at Rs215,000 and Rs184,585 for 10 grammes on Tuesday, showing an increase of respectively Rs5,600 and Rs5,058 from Monday despite a drop of $15 per ounce in the world gold rate to $1,911 amid persistently rising rupee value against the dollar, which typically lowers the landed cost of imported goods.

The association's chairman, Haji Haroon Rasheed Chand, distributed a recorded message to his group on Friday informing them that five association members had been arrested for speculative trading and creating demand and supply gaps over the previous three to four days while the authorities had been calling them.

He claimed that despite conversations taking place on the one hand, bullion traders were being arrested. He complained to the authorities about this. Later, the traders were unconditionally released.

In addition to stopping speculative trading, the authorities had stated their intention to halt bullion trading for three months in order to lower rates. Mr. Chand had assured the authorities that they would not allow trading speculators to gain any ground while also working to promote legal trade and encourage documentation in the yellow metal.

Later, a message was circulated in the group informing them of the association's president's announcement that the daily gold rate will resume on Saturday and that only physical trade, not speculative or weekly transactions, would take place. After adequate consultations, rates would be made available starting on Saturday. The communication further stated that Haji Chand had given the authorities assurances that the market rates will be released using a proper and fair process rather than speculation.

Despite allegations, no gold rates were published on Saturday, despite the fact that there were discussions and negotiations going on.

The domestic gold rates, however, had remained contentious since they were maintained higher despite a decline in world market rates and stability in the currency rates, even though the daily gold rates are set based on rupee-dollar parity and international pricing. Even though global market rates were rising and the rupee was depreciating against the dollar, the rates were occasionally left unchanged.

The Association hopes to officially begin disclosing the tariffs on Monday or Tuesday, according to Haroon Chand, who later revealed to Dawn.

A task group made up of intelligence and law enforcement organisations was reportedly formed on Friday to start a crackdown on the gold mafia and pursue legal action after apprehending smugglers. Additionally, the gold trade would be computerised.

He claimed that the task force's formation and the computerization of trade were only media stories and that he was unable to validate them.

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