Operation launched against Gold smuggling mafia

In Islamabad, intelligence and law enforcement agencies have launched a significant operation aimed at combatting gold smuggling and dismantling the so-called “gold mafia,” as reported by The News on Friday.

Sources have revealed that a task force, consisting of these agencies, has been established to take decisive actions against illegal activities related to gold.

The primary goal of forming this task force is to apprehend smugglers and enable legal actions against them. Additionally, the task force has reportedly compiled lists of individuals involved in this illegal trade, with actions against them being imminent.

Furthermore, the government has decided to expedite efforts to digitalize gold transactions and bring gold dealers into the tax system. This move is seen as beneficial for both the public and the country, especially given the recent decline in gold prices. Over the past two weeks, the price of gold has dropped from Rs236,000 per tola to Rs214,000 per tola.

Meanwhile, The News also reported that Karachi’s bustling gold market remained closed for the second consecutive day due to a crackdown by authorities. This market, one of Pakistan’s largest, did not provide new gold rates amid reports of raids and arrests in certain sections. Traders have also refrained from issuing bullion rates for the last two days.

The closure of the gold market seems to be linked to recent law enforcement actions targeting gold smuggling. There have been reports of authorities apprehending four gold smugglers on Wednesday.

This situation has disrupted the usual operations of the gold market, with many traders avoiding communication and refusing to comment on the situation. Speculation suggests that the market’s closure is related to recent incidents of sharp declines in gold prices. However, these local price increases contradicted the global trend, where gold rates had decreased, settling at $1,911 per ounce on Tuesday.

The sudden fluctuations in gold prices have left industry observers and investors puzzled, especially considering the significant price difference between local and international markets.

As regulatory bodies and law enforcement agencies investigate the circumstances surrounding the closure of the gold market and the unusual price surges, there is hope for increased transparency and accountability within the industry in the near future.

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