Islamabad (Pakistan News) The suspension of gold imports in Pakistan for the past five months has raised concerns about a potential increase in gold prices.
According to government officials, Pakistan typically imported an average of 40 to 50 kilograms of gold monthly. However, no gold has been imported from any country between March and July 2024.
Official documents reveal that during the fiscal year 2023-2024, 262 kilograms of gold were imported, amounting to nearly $2 million. In comparison, 567 kilograms of gold were imported during the previous fiscal year 2022-2023, with a total import value of $3.06 million.
The documents indicate a 44.43% decline in gold imports in 2023-2024 compared to the previous year. Sources have reported that importers have not been granted permission to import gold in the last five months.
Government officials have not provided an explanation for the suspension of gold imports, but the halt has led to concerns about a further increase in gold prices in the country.
Jewelry traders have expressed that allowing gold imports is essential to stabilize prices, noting that there is already a shortage of gold in various cities.