The price surge comes amidst a backdrop of uncertainty and speculation surrounding the daily rate fixing process, which has been shrouded in secrecy. This lack of transparency has fueled rumors and speculation about the daily rate fixing process, leading to a surge in the price of gold. The price of gold has been on a steady upward trend since the crackdown on precious metal trade by law enforcement agencies last year.

The ASSJA, a non-profit organization, was formed to promote and protect the interests of jewellers in the country. It was established in 2017 and has been actively involved in advocating for the concerns of jewellers, including issues like price fluctuations, market access, and fair trade practices. The ASSJA has been actively involved in negotiations with the LEAs, aiming to address the concerns of jewellers and ensure their legal compliance.

* Shop owners are not using computerised trading for documentation. * Consumers do not receive computerised receipts for gold trading. * Consumers are asked to provide old cash receipts for selling old gold.

This statement highlights the informal gold market in Pakistan, where transactions occur outside of official channels. This market is driven by factors like:

* **Limited access to formal banking and financial institutions:** Many individuals in Pakistan lack access to formal banking and financial institutions, making it difficult to buy and sell gold through traditional channels. * **Cultural significance of gold:** Gold is deeply ingrained in Pakistani culture, often seen as a symbol of wealth, prosperity, and status. This cultural significance fuels the demand for gold, even in the absence of official imports. * **Informal networks and trust:** The informal gold market relies on trust and established networks between buyers and sellers.