Gold per tola drops Rs800 as bullion prices slide
In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold and silver prices declined in both international and domestic markets on Thursday. In the international bullion market, the price of gold fell by $8 per ounce to $4,832.
After the decline in the global market, gold prices in Pakistan also registered a drop. The price of gold per tola decreased by Rs800 to Rs505,562, while the price of 10 grams of gold fell by Rs686 to Rs433,437.
Silver prices also edged lower. The price of silver per tola dropped by Rs30 to Rs9,903, while the price of 10 grams of silver declined by Rs25 to Rs8,490.
Spot gold was steady at $4,836.09 per ounce, as of 0740 GMT, after scaling a record peak of $4,887.82 in the previous session.
US gold futures for February delivery also traded flat at $4,838.60 per ounce.
Spot silver rose 1.1% to $94.26 an ounce, after hitting a record high of $95.87 on Tuesday.
Spot platinum lost 0.4% to $2,472.33 per ounce after touching a record peak of $2,511.80 on Wednesday, while palladium gained 0.6% to $1,850.31.
Read: Gold prices hit record highs in global, Pakistan markets
Earlier on Wednesday, gold and silver prices reached new historic highs in both international and local markets.
In the international bullion market, the price of gold per ounce jumped sharply by $127 to reach a new high of $4,840.
In Pakistan, the price of gold per tola rose by Rs12,700 to a record level of Rs506,362.
Similarly, the price of 10 grams of gold increased by Rs10,888 to reach Rs434,123.
Silver prices also rose, with the price per tola increasing by Rs64 to a new high of Rs9,933, while the price of 10 grams of silver went up by Rs54 to Rs8,515.