KARACHI – The Securities and Exchange Commission of Pakistan (SECP) and Pakistan Mercantile Exchange (PMEX) have issued a license to Zakriya Gold Commodities Private Limited for online and physical gold trading in Pakistan.
With this license, the company becomes the first in Pakistan to initiate online and physical gold trading, marking the establishment of the nation’s inaugural online gold trading company. This development is expected to put an end to speculation and black marketing of gold prices in the local market.
A spokesperson for the company revealed that with the approval of SECP and Pakistan Mercantile Exchange, the establishment of the first online gold trading company in Pakistan is anticipated to stabilise gold prices in the local market, thus eliminating speculation and black marketing.
The spokesperson further disclosed that daily gold rates throughout the country will also be issued by this company. To facilitate the implementation of gold rates, large screens have been installed outside the company’s offices.
The company’s formal inauguration is scheduled for Tuesday, January 30th, with renowned businessmen from the United Arab Emirates, including Dr Bu Abdullah, Chairman of the Bu Abdullah Group of Companies, expected to attend the ceremony.
It’s noteworthy that in the past few months, Pakistan witnessed a significant increase in gold prices, coupled with reports of speculation and black marketing in the gold market.
In response, the government took effective measures with the assistance of FIA, FBR, and other law enforcement agencies to crackdown on elements involved in speculation and black marketing in the gold market.
