4 times rise in gold smuggling
Price fall of gold in international market has resulted in its large-scale smuggling
KARACHI (Dunya News) – Gold worth $5.8 million has been imported from July to November this year while gold priced at $10.12 million was imported during the same period last year, reported Dunya News.
According to government records, gold import has decreased by 48 percent but the rising value of dollar and market sources tell a different story.
The price fall of gold in international market has resulted in wide scale smuggling, according to sources. That is the reason why gold market only has a limited quantity of gold.
Earlier, the president of FOREX Exchange Companies Association Malik Bostan had pointed out the same reason of rising value of dollar. He argues that it is the gold smuggling that has added value to the price of dollar.
Government has carried out strict security measures for checking at airports to stop the smuggling of gold.
