KARACHI: In a total defiance, speculators have outmanoeuvred the authorities and market association by opening gold rates, as the suspension of bullion trade continues into midweek, it emerged on Tuesday.

Officially the bullion trade stands suspended for almost a week as negotiations of the gold association and authorities are underway to chalk out a plan to end the speculation and arbitrary manoeuvres.

But, the association alleges the speculators for defying the official decision on trade suspension, as they continue to open gold rates even on a regular basis, leaving the bullion markets in a chaos throughout the country.

As probe continues, gold market remains closed for 5th session

The city’s bullion market issued rates for gold per tola as Rs 218,500 whereas the official value for the yellow metal stands for Rs 215, 000, according to sources.

Haji Haroon Chand, President All Pakistan Gems and Jewellers Association expressed his anger at speculators, who he said in a social media audio message, are defying the official stance on trade suspension.

He said that his successful talks with the government’s officials are being sabotaged by the speculators, opening their arbitrary rates, as gold is selling for Rs 222,000 per tola in Lahore, Rs 230,000 in Peshawar and Rs 217,000 in Karachi.

“Since trade is suspended then which mafia is opening the gold rates,” he said and warned that speculation will ruin the entire sector. He also threatened to step down if the speculative trade continues.

He also warned the speculators of exposing them if they continue to manipulate the trade mechanism, vowing that he will leave not stone unturned to streamline the entire gold trading in the country.

Haroon Chand also advised the traders to deal in Pak rupee and not in dollar, pound or euro. He announced bullion trade will remain closed until he arrives in Karachi after completing his consultation trip to Khyber Pukhtunkhwa and Punjab.

Copyright Business Recorder, 2023