Business
Gold market reopen today after crackdown
The price of 24-carat gold experienced an increase by Rs4,000 per tola, reaching a value of Rs2,19,000.
Karachi: Pakistan gold market reopened on Saturday after a crackdown on alleged speculative trading, All Pakistan Gems and Jewellers Association (APGAJA) President Haji Haroon Rasheed Chand announced a day earlier.
According to sources, the gold market remained shut for three days as law enforcement agencies probed into the matter.
In addition, the gold price remains unchanged in Pakistan on Saturday.
Gold rates remained unchanged in Pakistan after touching a record high in previous days.
Earlier this week, the Gold price in Pakistan increased by Rs4,000 per tola on Tuesday.
As per the information provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold experienced an increase by Rs4,000 per tola, reaching a value of Rs2,19,000.
Similarly, the price of 10 grams of 24-karat pure gold increased by Rs4,030 and traded at Rs1,88,615 per 10 grams.
On the other hand, the price of 24 karat silver per tola and 10 grams also remained the same at Rs2,750 and Rs2,357.68 respectively.
Furthermore, the government has initiated a sweeping crackdown on individuals and groups involved in gold price speculations in Pakistan.
Earlier yesterday, Intelligence and law enforcement agencies have initiated a major operation to combat gold smuggling and the gold mafia on Friday.
Sources claim that a task group made up of the authorities has been established to take firm action against illicit activity.
According to the sources, the task force's goal is to apprehend the traffickers so that legal action may be done against them.
Further information revealed that the task force had created lists of mafia and smugglers and planned to act against them.