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First online gold trading company to be launched today in Pakistan

Pakistan celebrates a historic milestone today as Zakaria Gold Commodities (Pvt) Limited, the nation’s premier online and physical gold trading company, officially commences operations. The inauguration, set for January 30, 2024, marks a significant leap forward in the country’s financial landscape. Approved by the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Mercantile Exchange (PMEX), Zakaria Gold Commodities aims to revolutionise the gold trading market, addressing concerns related to speculation and price manipulation.

Key Figures and Inauguration

The distinguished Dr. Bu Abdullah, Chairman of the Bu Abdullah Group, a prominent business entity in the UAE, will officiate the launch of this pioneering venture. The event is expected to draw the participation of senior officials from the Federal Board of Revenue and Customs, representatives from the Federal Investigation Agency, and other influential figures within the business community.

Zakaria Gold Commodities (Pvt) Limited: Bridging Online and Physical Gold Trading

Zakaria Gold Commodities is set to engage in both online and physical buying and selling of gold, pioneering a comprehensive approach to the gold trade in Pakistan. This marks a departure from traditional methods, introducing an innovative blend of digital and physical transactions.

Regulatory Approval to Ensure Market Stability

The approval granted by the SECP and PMEX signifies a critical step in mitigating speculation and eradicating the existence of a black market for bullion. By bringing formal regulation to the gold trading sector, Zakaria Gold Commodities aims to foster transparency and build confidence among investors.

Daily Gold Rates Displayed for Transparency

In a bid to enhance transparency and keep the public informed, Zakaria Gold Commodities plans to display daily gold rates prominently on a large screen outside the company’s office. This move is a testament to the company’s commitment to providing real-time information and empowering investors to make well-informed decisions.

Market Stability and Elimination of the Black Market

The establishment of Zakaria Gold Commodities is anticipated to bring much-needed stability to the gold market in Pakistan. By curbing speculation and eliminating the black market for gold trading, the company is poised to play a pivotal role in reshaping the landscape of the gold trade industry in the country.

Conclusion

As Zakaria Gold Commodities (Pvt) Limited takes its place as Pakistan’s first formal company for online and physical gold trading, the nation embarks on a new era in financial markets. With a focus on transparency, regulatory compliance, and innovation, Zakaria Gold Commodities aims to set a benchmark for the gold trading industry in Pakistan, paving the way for a more secure and prosperous future. The launch of this groundbreaking company is not just a celebration of its establishment but a momentous stride towards a more resilient and regulated gold market in the country.

About the Author: Aiman Dost

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