Gold rate in Pakistan set to return after a recent assault

Pakistan’s gold Rate was suspended for three days while law officials probed potential market manipulation. Traders and investors were left in the dark regarding local gold prices at this time, producing confusion and uncertainty.

The market was shut down due to a 2.7% increase in gold prices, which reached Rs215,000 per tola (equal to 11.66 kilos). Authorities feared that some market participants were generating phony demand and supply gaps in order to manipulate prices.

The good news is that the gold rate will shortly reopen. In a recorded message, All Pakistan Gems and Jewellers Association (APGAJA) President Haji Haroon Rasheed Chand declared the market’s reopening.

He promised that the association would work with authorities and only perform spot or ready trade, leaving no room for speculators.

Chand further stated that market participants detained on suspicion of price manipulation would be released. The market is expected to resume normal operations with clear pricing.