The Pakistani bullion market is scheduled to resume operations on Saturday, following a robust crackdown on suspected speculative trading, as announced by Haji Haroon Rasheed Chand, President of the All Pakistan Gems and Jewellers Association (APGAJA), a day prior to the reopening.
As reported in The News, the gold market remained closed for a period of three days as law enforcement agencies conducted a thorough investigation into the matter.
Trading and investment professionals alike are confused and in the dark about current gold prices as a result of the temporary stoppage of activities.
Tuesday saw the implementation of this market suspension following a surprising 2.7% increase in gold prices, which reached Rs215,000 per tola (the equivalent of 11.66 grams). The global trend of dropping gold prices was in direct opposition to this price increase.
The scenario prompted the authorities to move swiftly, detaining several market participants on the suspicion that they had manipulated prices by engineering fictitious shifts in supply and demand.