KARACHI – Gold prices in Pakistan are anticipated to increase as the country has suspended the import of gold for the past five months. Before the suspension, Pakistan was importing an average of 40 to 50 kilograms of gold per month. However, there have been no gold imports from any country between March and July 2024. Government documents indicate that Pakistan imported 262 kilograms of gold worth $20 million in the fiscal year 2023-24. This contrasts with the previous fiscal year 2022-23, when 567 kilograms of gold worth $30.6 million were imported, marking a 44.43% increase compared to the current fiscal year.
Read More: Gold Medalist Arshad Nadeem: “I Knew It Could Be an Olympic Record”
The suspension of gold imports, which has lasted for five months, has been attributed to undisclosed reasons. Industry experts and jewellers are concerned that this halt could lead to a rise in gold prices. They argue that resuming gold imports is essential for stabilizing prices and addressing the reported shortages of the precious metal in various cities across the country.
