In 2006-07, a withholding tax of 1 percent was imposed on commercial imports of gold 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 topped $4,300 an ounce for the first time on Thursday and rose 7.6% this week amid renewed US-China trade tensions and expectations of a US interest rate cut. On Friday, gold rose another $141 per ounce to hit a new record high of $4,358 per ounce.
Read: Gold prices rise in global, Pakistani markets
The impact was mirrored locally.
In Pakistan’s gold markets, the price of 24 carat gold per tola by Rs 14,100 to Rs 456,900, while per 10 gram gold rose by Rs 12,089 to touch Rs 391,718, both record highs.
Silver prices also rose, where silver per tola rose by Rs 167 to Rs 5,504, and as per 10 gram silver rose by Rs 143 to Rs 4,718.
Read more: Gold prices rise in global, 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 US, Russia and Germany, has bolstered gold’s safe-haven status.
Forecasts suggest that gold could reach $5,000 per ounce by 2026, which will maintain pressure on both international and local markets.
