Pakistan's gold market in turmoil as buyers disappear amid government crackdown

- Pakistan’s gold market has come under increasing pressure in recent weeks after the government launched a crackdown on the sector to combat smuggling and tax evasion, according to local media reports.

This crackdown, as well as certain administrative measures in the currency market, caused the rupee to appreciate significantly, with Pakistan’s currency becoming the world’s best performer during the month of September. Gold trader Abdul Karim said business has been declining for several months as hyperinflation reduced buyers’ purchasing power while rising costs forced many with gold holdings to sell.

Gold prices in the bullion market have not been released since September 13, as the government continues its campaign to regulate and streamline the market.

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