Gold import to start next week

Ministry of Commerce and Supplies (MoCS) has decided to resume the imports of gold and silver within a week.

The ministry is holding a meeting with gold traders and dealers to discuss before it starts uplift the ban on imports, the ministry said today.

"The central bank had already forwarded a draft guidelines with some changes on the imports of gold to the ministry," the ministry source said, adding that the ministry has delayed in finalising it.

The consumers have been forced to pay more due to shortage of gold and silver as the ministry took long to finalise the guideline for the imports, though government has already lifted the ban some weeks ago.

"Due to the shortage of gold in the domestic market, the price has increased," said gold traders.

However, the price of precious yellow metal has slightly declined this week compared to last week.