In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold prices saw a sharp decline in both international and domestic markets on Saturday.
According to market reports, the international bullion price fell by $106 per ounce, bringing it down to $4,252.
In Pakistan, the price of gold per tola dropped by Rs10,600 to Rs446,300, while the rate for ten grams fell by Rs9,088 to Rs382,630.
Earlier on Friday, Gold prices surged sharply in both international and local markets, reaching unprecedented levels amid geopolitical tensions and strong demand.
Read: Gold prices rally in global, Pakistani markets
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.
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 of gold increased by Rs12,089, reaching Rs391,718, both record highs.
Read more: Gold prices rally in global, Pakistani markets
Silver prices also climbed, with per tola silver rising Rs167 to Rs5,504, and per 10 grams silver increasing Rs143 to Rs4,718.
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