The gold trade in Pakistan has been suspended since September 13, 2023, to combat rampant malpractices such as price manipulation, smuggling, and hoarding.
The gold trade in Pakistan has come to a grinding halt, sending shockwaves through the nation's bullion markets.
The suspension of gold trade was ordered by law enforcement agencies in a bid to combat rampant malpractices within the bullion trade. Simultaneously, gold was being smuggled to neighboring countries, further inflating its prices and raising concerns.As a consequence of the exorbitant prices, the sale of gold jewelry has nearly ground to a halt in local markets.
The All-Pakistan Sarafa Gems and Jewellers Association has refrained from issuing gold price updates since September 13, leaving many in the dark about the market's current status.The president of APSGJA, Haji Haroon Chand, offered a glimmer of hope for traders and buyers alike.
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