The first formal company for online and physical trading of gold will start operation in Pakistan on Tuesday, January 30, 2024, which is expected to eliminate speculation in gold trading and price manoeuvring in the market.
Approved by the Securities and Exchange Commission of Pakistan and the Pakistan Mercantile Exchange, Zakaria Gold Commodities (Pvt) Limited will be engaged in online and physical buying and selling of gold, becoming the first such company in Pakistan to commence operations.
Dr Bu Abdullah, Chairman of the Bu Abdullah Group, a well-known business group of the UAE, will formally inaugurate the online bullion trading company on Tuesday.
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Senior officials of the Federal Board of Revenue and Customs as well as representatives of the Federal Investigation Agency and other business personalities will be present on the occasion. A company official said that as a result of approval from the SECP and PMEX, the establishment of the online gold trading company will put an end to speculation and eliminate the black market of bullion.
According to company officials, daily gold rates will be displayed on a large screen to be installed outside the company’s office. It is expected that with the setting up of the new company, stability will return to the market, and speculation and the black market will vanish.
