In 2006-07, a 1 per cent withholding tax was imposed on commercial gold imports into the country. Photo: Express News
Gold prices rose sharply in both international and local markets, reaching unprecedented levels amid geopolitical tensions and strong demand.
Spot gold prices surpassed $4,300 per ounce for the first time on Thursday, gaining 7.6% this week amid renewed trade tensions between the United States and China and expectations of an interest rate cut in the United States. On Friday, gold rose again by $141 per ounce, reaching a new all-time high of $4,358 per ounce.
Read: Gold prices rise in global and Pakistani markets
The impact was reflected locally.
In Pakistan’s bullion markets, the price of 24 karat gold per tola rose by Rs 14,100 to Rs 456,900, while per 10 grams of gold it rose by Rs 12,089 to reach Rs 391,718, both record levels.
Silver prices also rose, with an increase of Rs 167 per tola of silver to Rs 5,504, and an increase of Rs 143 per 10 grams of silver to Rs 4,718.
Read more: Gold prices rise in global and Pakistani markets
Analysts said global demand from central banks in China, Brazil, India, Saudi Arabia and Dubai, combined with buying of gold coins in the United States, Russia and Germany, has strengthened gold’s status as a safe haven asset.
Forecasts suggest that gold could reach $5,000 an ounce in 2026, keeping pressure on both international and domestic markets.
