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Pakistan’s Inaugural Company For Online Gold Trading Founded

Pakistan's Inaugural Company For Online Gold Trading Founded

The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Mercantile Exchange (PMEX) have granted a license to Zakriya Gold Commodities Private Limited, paving the way for the commencement of online and physical gold trading within the country.

This milestone positions Zakriya Gold Commodities Private Limited as the pioneer in introducing both online and physical gold trading in Pakistan. The issuance of this license is seen as a crucial step toward curbing speculation and black marketing practices that have been prevalent in the local gold market.

Read more: Gold Prices In Pakistan Experience A Decrease

A spokesperson for the company highlighted the significance of this development, emphasizing that the approval from SECP and the Pakistan Mercantile Exchange not only marks the establishment of Pakistan’s premier online gold trading company but is also anticipated to bring stability to gold prices in the local market. The overarching goal is to eliminate unwarranted speculation and the associated issues of black marketing that have plagued the gold market in Pakistan.

In addition to facilitating online gold trading, the company is set to play a role in disseminating daily gold rates across the nation. To enhance accessibility, large screens have been installed outside the company’s offices, ensuring that the public can easily access up-to-date information on gold prices.

The formal inauguration of the company is scheduled for Tuesday, January 30th, and is expected to draw the participation of distinguished businessmen from the United Arab Emirates. Among the notable attendees is Dr. Bu Abdullah, the Chairman of the Bu Abdullah Group of Companies, adding an international dimension to the event.

Against the backdrop of recent months witnessing a substantial surge in gold prices in Pakistan, coupled with reports of rampant speculation and black marketing in the gold market, the government took proactive measures. Collaborating with entities such as the Federal Investigation Agency (FIA), Federal Board of Revenue (FBR), and other law enforcement agencies, concerted efforts were made to crack down on elements involved in speculative activities and black marketing within the gold market.

The issuance of the license to Zakriya Gold Commodities Private Limited represents a strategic move to bring transparency and structure to the gold trading landscape in Pakistan. By integrating both online and physical trading mechanisms, the company aims to foster a more secure and regulated environment for gold transactions. The installation of large screens for the dissemination of daily gold rates reinforces the commitment to providing timely and accurate information, thereby empowering market participants and contributing to a more informed and stable gold market in the country.

As the company prepares for its formal inauguration, the presence of prominent figures from the UAE underscores the international attention garnered by this development. The collaborative efforts between regulatory bodies, law enforcement agencies, and the private sector, as exemplified in this licensing initiative, showcase a concerted commitment to addressing challenges within the gold market and steering Pakistan toward a more transparent and well-regulated financial landscape.