LAHORE MIRROR — After a three-day crackdown on alleged speculative trading, the Pakistani bullion (gold) market is reopening today.
All Pakistan Gems and Jewellers Association (APGAJA) President Haji Haroon Rasheed Chand announced a day earlier.
The gold market remained shut for three days as law enforcement agencies probed into the matter. The market was shut on Tuesday after gold prices jumped by 2.7% to Rs215,000 per tola (11.66 grams), defying a global decline.
The authorities detained some market participants on suspicion of creating artificial demand and supply gaps to manipulate the prices.
The announcement regarding the restoration of market operations was made by Haroon Chand in a recorded message.
He mentioned that the association had cooperated with the authorities and pledged to conduct only spot or ready trading within the market, leaving no room for speculators.
The association’s president said the association had taken steps to ensure the market’s compliance with regulations and transparency.
The authorities had agreed to release some market participants who had been detained on suspicion of manipulating the gold prices, he added.
