Gold Smuggling
ISLAMABAD: Intelligence and law enforcement agencies have initiated a major operation to combat gold smuggling and the “gold mafia,” on Friday.
Sources indicate that they have formed a task force comprising these agencies to take decisive actions against illegal activities.
The task force’s objective is to apprehend the smugglers for subsequent legal action.
Additionally, it has been learned that the task force has prepared lists of mafia members and smugglers, with impending actions against them.
Furthermore, the government has decided to expedite efforts to computerize gold sales and purchases, bringing gold dealers into the tax net.
Sources assert that this move will be advantageous for both the people and the country, especially considering the declining gold prices. Over the last two weeks, the gold price has decreased from Rs236,000 per tola to Rs214,000 per tola.
Merchants Halt Issuing of Bullion Prices
Meanwhile, authorities reportedly conducted a crackdown, resulting in the closure of Karachi’s bustling gold market for the second consecutive day on Thursday.
Traders have also refrained from issuing bullion rates for the past two days. The price of 24-carat gold closed at Rs215,000 per tola (11.66 grams) on Tuesday, and since then, the All Pakistan Gems and Jewellers Sarafa Association has not updated the market price.
Efforts to obtain insights on the situation from market participants proved futile, with most refusing to comment. However, one spokesperson, when pressed about the possible reason behind the market’s closure, cryptically responded, “You know better than us.” The gold market’s closure appears linked to recent law enforcement activities targeting gold smuggling, with reports of four gold smugglers apprehended by authorities on Wednesday.
In response to these developments, the gold market has largely suspended its usual operations, with many traders switching off their phones and not returning calls.
Speculation suggests that the market’s closure may be related to recent incidents of sharp declines in gold prices. Suspicions arise that certain market participants may have attempted to manipulate gold rates for their own gain, resulting in a significant increase of Rs5,600 per tola in local gold prices on Tuesday.
As market regulators and law enforcement agencies investigate the circumstances surrounding the gold market’s closure and price surge, there is a growing expectation of increased transparency and accountability in the industry in the near future.
