Gold prices surged in Pakistan’s domestic market on Wednesday, following a rise in global rates. Internationally, the precious metal gained $23, reaching $4,165 per ounce.
In the local market, the price of gold per tola increased by Rs2,300, bringing it to Rs438,862. Meanwhile, 10-gram gold rose by Rs1,972, now selling at Rs376,253. Silver prices also climbed, with one tola increasing by Rs60 to Rs5,482.
The Competition Commission of Pakistan (CCP) recently released a “Competition Assessment Study” on the gold market. The report highlights structural issues, regulatory gaps, and transparency challenges in the sector. It emphasizes the need for stronger oversight to ensure fair competition and accurate pricing.
According to the study, Pakistan consumes between 60 and 90 tonnes of gold annually, largely driven by cultural and social traditions. Over 90% of this trade occurs through informal channels, while the country heavily relies on imported gold. In 2024, imports were valued at $17 million.
The CCP recommends establishing a Pakistan Gold and Gemstone Authority to regulate the market and formalize trade practices. The report was prepared by the Centre of Excellence in Competition Law and points to the opaque nature of current pricing systems and market inefficiencies.
Looking ahead, the Reko Diq copper-gold project is expected to significantly contribute to Pakistan’s economy. With an operational life of 37 years, the project could produce copper and gold worth around $74 billion.
This development has the potential to strengthen domestic gold supply and reduce reliance on imports, ultimately impacting gold prices in the local market.
In other news read more about Sugar Prices Jump Nationwide Despite New Crushing Season
Experts believe that with improved regulation and domestic production, the market could stabilize and offer more transparent pricing for traders and consumers alike.
