In 2006-07, a withholding tax of 1 percent was imposed on commercial imports of gold into the country. Photo: Express News
Gold prices have risen sharply in international and local markets, reaching unprecedented levels amid geopolitical tensions and strong demand.
Spot gold prices rose above $4,300 an 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 a cut in U.S. interest rates. On Friday, gold jumped another $141 per ounce, hitting a new all-time high of $4,358 per ounce.
Read: Gold prices rebound in global and Pakistani markets
The impact was reflected locally.
In Pakistani gold markets, the price of 24 carat gold per tola increased by Rs 14,100 to Rs 456,900, while that of gold per 10 grams increased by Rs 12,089 to Rs 391,718, both record highs.
Silver prices also climbed, with silver per tola increasing by Rs 167 to Rs 5,504, and per 10 grams of silver increasing by Rs 143 to Rs 4,718.
Learn more: Gold prices rebound in global and Pakistani markets
Analysts said global demand from central banks in China, Brazil, India, Saudi Arabia and Dubai, combined with purchases of gold coins in the United States, Russia and Germany, has strengthened gold’s status as a safe haven.
Forecasts suggest that gold could reach $5,000 per ounce in 2026, keeping pressure on international and local markets.
