Karachi, January 29, 2024: The first formal company for online and physical trading of gold will starts operation in Pakistan from January 30, 2024 in Karachi that will eliminate speculations in gold trade and price Manoeuvring in the local market.
Approved by Securities and Exchange Commission of Pakistan (SECP) and Pakistan Mercantile Exchange Company (PMEX), Zakaria Gold Commodities Private Limited will be engaged in online and physical buying and selling of gold in the country, becoming first companies in Pakistan to commence operations for online and physical trading of gold.
Dr Bu Abdullah, Chairman of Bu Abdullah Group, a well-known business group from the United Arab Emirates (UAE), will formally inaugurate first online bullion trading companies on Tuesday, January 30,2024. Senior officials from the FBR and Customs, as well as representatives from the FIA and other business personalities will also grace the occasion.
One of the company official disclosed that as a result of approvals from the SECP and PMEX, the establishment of this first online gold trading company in the country will put an end to speculation and black marketing of gold prices in the local market.
With the start of the first online and physical bullion trading company gold rates across the country on daily basis will be released.
According to company officials daily gold rates will be displayed at a large screen that is installed outside the companies’ office.
It is pertinent to noted that in Pakistan a significant increase in gold prices was observed a few months ago, mainly due to reports of speculation and black marketing of gold prices in the market.
Responding to the speculation and black-marketing, the government took effective action with the assistance of the FIA, FBR, and other law enforcement agencies, cracking down hard on elements involved in speculation and black marketing of gold prices in the local market.
It is expected that with the establishment of the company for online buying and selling of gold, stability will be brought to gold market and the trend of speculation and black marketing of gold prices in the market will be discouraged.
