Zakriya Gold Commodities Private Limited, Pakistan’s first-ever online gold trading company, will start online/physical buying and selling of gold in the country after getting the go-ahead from the Securities and Exchange Commission of Pakistan (SECP).
Daily gold rates are expected to be shown on a huge screen located outside the company’s office.
According to industry officials, the development of an online and physical gold trading enterprise will bring stability to gold prices while discouraging speculation and black marketing of gold prices in the country.
Dr. Bu Abdullah, Chairman of Bu Abdullah Group, a well-known business group from the United Arab Emirates (UAE), will formally inaugurate the first online bullion trading companies on Tuesday, January 30, 2024. Senior officials from the FBR and Customs, as well as representatives from the FIA and other business personalities, will also grace the occasion.
It is worth noting Pakistan has lately seen big spikes in gold rates, with reports of speculation and black trade making rounds across the market. Responding to the speculation and black-marketing, the government took effective action with the assistance of the FIA, FBR, and other law enforcement agencies, cracking down hard on elements involved in speculation and black marketing of gold prices in the local market.
Following permission from the SECP and Pakistan Mercantile Exchange Limited (PMEX), the launch of Zakriya Gold Commodities is expected to put an end to speculation and eradicate the black market for bullion.
What’s their online address???