In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold prices surged 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 US-China trade tensions and expectations of a US interest rate cut. On Friday, gold further jumped by $141 per ounce, reaching a new all-time high of $4,358 per ounce.
Read: Gold prices rally in global, Pakistani markets
The impact was mirrored locally.
In Pakistan’s bullion markets, the price of 24-carat gold per tola rose by Rs14,100 to Rs456,900, while per 10 grams gold increased by Rs12,089, reaching Rs391,718, both record highs.
Silver prices also climbed, with per tola silver rising Rs167 to Rs5,504, and per 10 grams silver increasing Rs143 to Rs4,718.
Read more: Gold prices rally in global, Pakistani markets
Analysts said global demand from central banks in China, Brazil, India, Saudi Arabia, and Dubai, combined with gold coin buying in the US, Russia, and Germany, has strengthened gold’s status as a safe-haven asset.
Forecasts suggest that gold could reach $5,000 per ounce in 2026, sustaining pressure on both international and local markets.
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