In a groundbreaking development, Zakriya Gold Commodities Private Limited has received the official license from the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Mercantile Exchange (PMEX) for both online and physical gold trading in the country.
This milestone positions the company as the pioneer in launching the nation’s inaugural online gold trading platform, aimed at curbing speculation and black marketing of gold prices within the local market.
The approval from SECP and PMEX is anticipated to bring stability to gold prices locally, putting an end to unfounded speculation and illicit market practices, according to a spokesperson for Zakriya Gold Commodities Private Limited. The company will also play a pivotal role in disseminating daily gold rates across the country, with large screens installed outside its offices to facilitate easy access to this information.
The formal inauguration of the company is scheduled for Tuesday, January 30th, with the presence of distinguished businessmen from the United Arab Emirates, including Dr. Bu Abdullah, Chairman of the Bu Abdullah Group of Companies, expected at the ceremony.
Over the past few months, Pakistan has witnessed a notable surge in gold prices, accompanied by reports of speculation and black marketing in the gold market. In response, the government, in collaboration with the Federal Investigation Agency (FIA), Federal Board of Revenue (FBR), and other law enforcement agencies, has taken effective measures to crack down on entities involved in such practices in the gold market.
