Pakistan Gold Market Slumps Amid Government Crackdown on Smuggling and Tax Evasion

Pakistan's gold market has slowed significantly amid a government crackdown on the sector to stop smuggling and tax evasion.

Gold traders report far fewer buyers in the market as people hold onto their gold waiting for prices to increase again.

The government task force's actions, along with currency market measures, strengthened the rupee but hurt gold trading.

Gold jewelers say most customers now want to sell gold, not buy it, to pay bills given declining sales and high inflation.

Official gold rates have not been released for over a week, leaving consumers confused on true prices as individual traders now set rates.