In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
After a two-day break, gold prices fell in both international and local bullion markets on Saturday.
In the international market, the price of gold declined by $6 per ounce to $4,001. Following the global trend, local gold prices also dipped, with the price of 24-karat gold decreasing by Rs600 per tola to Rs422,462.
The price of 10 grams of gold fell by Rs514, settling at Rs362,193.
Similarly, silver prices also saw a decline. The price of silver per tola dropped by Rs18 to Rs5,094, while the price of 10 grams decreased by Rs15 to Rs4,367.
Read: Gold rebounds to record high as global prices climb
In global trading, spot gold was up 0.7% at $4,005.21 per ounce as of 3:15pm ET (2015 GMT). US gold futures for December delivery gained 0.5% to settle at $4,009.80 per ounce.
Elsewhere, spot silver climbed 0.9% to $48.41 per ounce. Platinum edged up 0.1% to $1,543.00, and palladium rose 1.5% to $1,395.49. Despite the modest rebound, all three metals recorded weekly losses.
