KARACHI:

Prices of gold and silver increased in international and domestic markets on Tuesday.

In the international bullion market, the price of gold per ounce rose by $34 to reach $5,172.

In local markets, the price of gold per tola increased by Rs3,400, reaching Rs539,962. The price of gold per 10 grams also rose by Rs2,915, reaching Rs462,930.

Silver prices also saw an upward trend. The price of silver per tola increased by Rs192 to Rs9,286, while the price per 10 grams rose by Rs165 to Rs7,961.

Spot gold dropped 1.1% to $5,172.11 per ounce by 0827 GMT, snapping a four-session winning streak. US gold futures for April delivery were down 0.6% at $5,191.50.

Spot silver fell 0.3% to $87.94 per ounce, after hitting a more than two-week high on Monday.

Spot platinum slipped 0.2% to $2,149.04 per ounce, and palladium also fell 0.2%, to $1,739.69.

Read: Zakat Nisab raised to Rs503,529

Furthermore, the government has raised the Zakat Nisab, the minimum savings threshold above which Zakat is deducted from bank accounts or donated voluntarily, to Rs503,529 for the Zakat year 1446-47 AH, reflecting a sharp rise in precious metal prices and underscoring deeper economic pressures on households already grappling with inflation and currency depreciation.

Under a notification issued by the Ministry of Poverty Alleviation and Social Safety, no Zakat will be deducted from savings, profit-and-loss sharing or similar accounts with balances below the revised Nisab level.

The change carries multiple implications. “There are now more people who qualify to receive Zakat, but fewer who are willing to donate it,” said Ahmed Ali Siddiqui, Secretary of the Shariah Supervisory Board at Meezan Bank, while speaking to The Express Tribune.