Pakistan faces potential gold price surge

ISLAMABAD: Concerns are mounting over a potential rise in gold prices in Pakistan following a five-month suspension of gold imports.

Government officials reported that Pakistan had been importing an average of 40 to 50 kilograms of gold per month. However, no gold has been imported since March 2024.

Official documents indicate that 262 kilograms of gold were imported during the fiscal year 2023-24, with the total value of these imports reaching $25 million. This marks a significant decrease from the previous fiscal year, 2022-23, when 567 kilograms were imported.

The data shows a 44.43 per cent drop in gold imports year-on-year.

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Sources said that importers have not been permitted to bring in gold over the past five months. While government officials have not provided an explanation for the suspension, there is growing concern that the halt could drive up gold prices in the country.

Jewelers stressed that resuming gold imports was crucial for stabilising prices, adding that gold shortages were already being felt in various cities.

On the other hand, the price of gold per tola in the country increased on Friday by Rs1,000, reaching Rs256,500.

The price of 10 grams of gold has risen by Rs857, bringing it to Rs219,907.