Transparency in gold trade sought

Senior security officials on Monday held a meeting with bullion traders to address concerns over gold price speculation, rising rates, and suspected smuggling — days after a crackdown on black market currency dealers and a separate meeting with exchange companies. According to All Sarafa Gems and Jewellers Association President Qasim Shikarpuri, the meeting was held in Islamabad, where security officials expressed concern over opaque pricing mechanisms and speculation in the gold market. They also raised questions about unusually high gold prices, urging traders to take corrective measures. This comes in the backdrop of a recent operation by the Federal Investigation Agency (FIA), which last mon­th arrested five employees of a gold trader in Karachi, recovering Rs 12 million and 11 gold biscuits, each weighing 10 tola. The business owners, however, fled.