Islamabad: Federal government has lifted its months-long ban on the import and export of gold, the Ministry of Commerce announced after receiving formal approval from the federal cabinet.
The ministry issued a notification confirming that it has reinstated the suspended SRO governing global gold trade. The government has also introduced amendments related to the import and export of precious metals and jewelry, though the overall regulatory framework will remain in place with greater transparency and improved automation.
Authorities imposed the ban in May over smuggling concerns
The ban was originally enforced in May this year, after the Ministry of Commerce suspended the gold trade SRO for 60 days amid complaints of alleged smuggling. Consequently, authorities argued that the suspension was necessary to tighten oversight and, moreover, to prevent misuse of export and import channels.
Domestic Gold Prices Surge
Following the government’s decision, domestic gold prices rose sharply. According to the All Pakistan Gems and Jewellers Association, the per-tola price increased by Rs 2,300, reaching Rs 428,862. The price of 10 grams of gold climbed by Rs 1,972 to Rs 367,680.
Global Market Trends
In the international market, gold rose by USD 23, reaching USD 4,065 per ounce. Analysts say the combination of rising global prices and domestic market adjustments contributed to the uptick following the policy change.
Market Reaction Expected to Evolve
Traders anticipate increased activity in the precious metals market as the lifting of restrictions allows supply chains to resume normal operations. However, industry insiders caution that enforcement of the revised framework will determine how effectively authorities can curb smuggling while supporting legitimate trade.
Read more: Chief Minister Afridi Vows Full Support to Federal Government on Security
