Business
Gold market to reopen on Friday amid price fluctuations
The purpose of closing the gold market was to control the price of gold.
Karachi: The gold market across Pakistan will resume its operations on Friday after being closed for five days.
This was announced by the president of the Gems and Jewelers Association of Pakistan Haji Haroon Chand while talking to media on Tuesday.
According to him, sensitive institutions would be consulted before digitizing the gold trading.
He said that private entities have the information and images of the traders who participated in the intentional manipulation of gold prices.
He warned the gold market traders that there would be a crackdown on those who have been betting on the gold prices which have reached Rs2,30,000 per tola in Peshawar and Lahore.
Additionally, he claimed that he had given key institutions assurances that future gold price speculation would not take place, urging the government to permit gold imports.
He said that the purpose of closing the gold market was to control the price of gold.