Pakistan’s bullion market has been thrown into unusual uncertainty after gold and silver prices stopped updating nationwide, as jewellers across the country continue a strong protest against “harassment and excessive tax demands” by the Federal Board of Revenue (FBR).
Industry sources told ProPakistani a short while ago that jewellers have refused to log their routine market sessions, which are used to formally declare rates for gold and silver biscuits across Pakistan. The disruption has further deepened uncertainty in an already sensitive bullion market.
From Karachi to Lahore and other major trading hubs, both small and large jewellery dealers have shut down operations since Tuesday. It was a coordinated nationwide strike.
As a result, the daily official reporting of bullion rates has been suspended. Some unverified sources are updating precious metal rates but not enough to enter the official list similar to the main sarafa bazars.
Gold and silver prices are effectively frozen in the market.
The jewellery sector earlier said it currently contributes around Rs. 22 billion in annual taxes and has even offered to increase this to Rs. 44 billion. But they are being subjected to FBR’s “unjust and excessive demands” and will not call off the strike if the tax regulator doesn’t softens its stance.
The situation has escalated to the point where no fresh updates have been recorded since Monday. According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices had previously surged sharply, with per tola gold increasing by Rs. 10,800 to reach Rs. 455,136 on Monday.
The price of 10 grams also climbed by Rs. 9,720 to settle at Rs. 389,600.
Silver markets have also gone silent, with the last recorded rate standing at Rs. 7,509 per tola before the strike began.
As the standoff continues between jewellers and the FBR, sources warned that prolonged disruption could further destabilize bullion pricing and investor confidence nationwide.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
