Domestic Bullion to reopen on Monday after 26 days: Haji Haroon Chand

October 06, 2023 (MLN): After remaining closed for twenty-six consecutive days, domestic bullion is expected to resume trading on Monday, October 8, Haji Haroon Chand, the President of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) announced on Friday.

To note, the last official rates quoted by the APSGJA were Rs215,000 per tola on September 12, 2023.

The bullion market was closed due to the general public rushing to accumulate gold while it was available at lower rates. Thus, the bullion did not release rates.

The surge in gold transactions, attributed to the declining value of the dollar, led the authorities to crack down against gold dealers, causing panic in the bullion market.

Theoretically, since gold is denominated in U.S. dollars, when the local unit depreciates against the greenback, the value of PKR-denominated gold rises.

The president, earlier warned all those market players operating through hidden channels to cease these illegal activities, given that the bullion was officially closed.

“I will resign from bullion and let the authorities do their jobs about the illicit activities in the domestic gold market if these elements do not regain their senses,” he said in a voice message circulating through social media on September 19, 2023.

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