Gold extends rally, hits new highs in global, local markets
In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold prices recorded another sharp rise on Saturday, both internationally and in Pakistan, extending their strong weekly gains.
In the international bullion market, the price of gold per ounce increased by $21, reaching $3,886.
Tracking the global trend, domestic bullion markets also surged, with the price of gold per tola rising by Rs2,100 to Rs407,778, while 10 grams gained Rs1,801 to settle at Rs351,404.
Read: Gold prices climb out of ordinary buyers' reach
Spot gold rose 0.7% to $3,884.19 per ounce by 01:40 p.m. ET (1749 GMT), after hitting a record high of $3,896.49 on Thursday. Overall, prices have gained more than 3% this week.
Among other precious metals, spot silver climbed 2.1% to $47.96 per ounce, platinum rose 2.4% to $1,606.29, and palladium gained 1.5% to $1,259.41.