Speculators held responsible for trade suspension: Traders say gold business will resume from today

KARACHI: Traders on Friday held speculations responsible for the suspension of gold trade for the third consecutive day on the local market, saying that bullion business will normalize soon.

They said that gold and silver trading will resume as per legal and justified mechanism from Saturday, September 16, 2023. They also confirmed about the government’s crackdown on gold trade speculators.

The speculation has spurred the gold prices beyond the genuine trade mark and left the entire market unpredictable and uncertain throughout the country, they said.

“I will not let any speculation on the local market to manipulate gold prices and trade,” Haji Haroon Chand, President of All Pakistan Gems and Jewelers Association said in a social media message.

He said that the high-ups asked me to stop gold trading for the next three months but he instead assured them of ending speculation in a bid to help normalize the market.

“I will not let the speculation mafia reorganize and assured a legal trade,” he said and added that he will also step up his efforts to help regularize this undocumented sector.

He said that the government has halted its anti-speculators raids and released those found in a speculative trade after his assurances.

Copyright Business Recorder, 2023