KARACHI – Gold prices are likely to increase in Pakistan as import of the precious commodity is suspended for past five months.
Pakistan was importing an average of 40 to 50 kilograms of gold per month before the suspension, but no gold has been imported from any country between March and July 2024.
Government documents reveal that Pakistan imported 262 kilograms of gold worth $20 million in fiscal year 2023-24.
In fiscal year 2022-23, the South Asian country imported 567 kilograms of gold worth $30.6 million, 44.43% higher than the imports made in FY 2023-24.
Reports said importers have been barred for importing gold for five months due to undisclosed reasons. However, the halt in gold imports could drive up the gold prices in the country.
Jewellers argue that allowing gold imports is crucial for price stabilization in the country, adding that shortage of the yellow metal was reported in various cities.
