RAWALPINDI : Oct 4 : In a surprising move, gold prices crashed in Pakistan on Wednesday. The gold prices reduced twice in just one session, leaving panic like situation in the local market.
The Markazi Sarafa Union released Rs 195000 at the closing of the first session which showed downward revision of Rs 6000 per tola as the last day gold prices have closed at Rs 201000. After a few hours , the gold market witnessed another big downfall which brought the prices of the precious metal down to Rs 190000 per tola . In total , the gold prices reduced by Rs 11000 per tola which is unprecedented in Pakistan’s history.
The gold market always remains very volatile in Pakistan and fixers run it at will. The fixers always play with the real buyers and go for artificial price-hike be it gold, dollar or any other commodities. The dollar and gold mafia always remains illusive and operates in a very shady manner. It makes windfall profit on investment in gold and dollar and gave its discredit to the international market. For example, local mafia was playing the dirty game in Pakistan for years without any fear of action as the rulers of the country never ordered any action against them. Rather, these mafias of gold and currency flourished in Pakistan in connivance with the ruling elite. These mafias became unbridled in Imran Khan’s rule. He promoted, protected and inspired all kinds of mafias in PTI rule . Imran Khan always gave an impression of a neat and clean man and kept abusing his political opponents, in particular, the Sharifs for corruption but he damaged Pakistan’s economy more than any other ruler of Pakistan by pampering mafias . He created many new mafias in his quarter to four years rule. He was the one who created a new mafia of vehicle and scrap importers by providing them unprecedented concessions on import of CBMs. The case of MG is its classical example. There are hundreds of other examples of his rule . These examples remained shrouded in mystery in 16 months rule of Shahbaz led Pakistan Democratic Movement (PDM) rule. The PDM government did not take action against Imran Khan and his company despite having all documented proofs of systematic corruption in his rule for probably only one reason that PDM rulers themselves were involved in similar crimes .
The mafias of gold and dollar also boomed in Imran Khan’s rule and then they found their promoters and protectors in PDM regime.
With change of guards at the army headquarters, these mafias are not finding any hole to hide. These mafias of gold and dollars are shedding their stocks which is leading to crash of these two commodities in Pakistan’s market
