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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Toronto stocks open higher on utilities boostitemprop=description content=Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

European stocks gain as US yields back downitemprop=description content=Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »