Haji Haroon Chand issues stern warning to covert bullion operators

September 19, 2023 (MLN): Warning all the speculative elements and covert mafia who continue to operate the market despite the official closure of bullion, Haji Haroon Rasheed Chand, the President of the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), on Tuesday said that he will reveal all those faces who are involved in such illicit activities. 

He expressed his disappointment for the market that despite the official closure of the market, the gold is being traded at Rs217,000 in Karachi, Rs220,000 in Lahore, and Rs230,200 per tola in Peshawar.

The President has also clarified that he has all the necessary information about the individuals responsible for secretly operating the domestic bullion. 

Hence, these activities should be stopped on an immediate basis, he suggested.

“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. 

“The bullion in Karachi will not open until I reach Karachi,” he added. 

It is pertinent to note that domestic bullion has remained closed for seven consecutive trading sessions.

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

The declining value of the dollar, attributed to the government's crackdown, has prompted people to begin accumulating gold, especially as it was recently available at lower rates. Thus, the bullion has not released rates.

Consequently, the surge in gold transactions has led 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.

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