In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express News
Gold prices surged in both international and local markets.
In the international bullion market, the price of gold per ounce rose by $74 to reach $4,075. Spot gold climbed 2% to $4,078.45 per ounce by 09:56 GMT, hitting its highest since October 27.
US gold futures for December delivery rose 1.9% to $4,087.10 per ounce.
Read: Gold prices dip in local market after global decline
Following the global trend, domestic prices jumped: a tola of gold increased by Rs7,400 to Rs429,862, while 10 grams of gold rose by Rs6,337 to Rs368,530.
Elsewhere, spot silver gained 3.1% to $49.79 per ounce, reaching its highest since October 21. Platinum rose 1.6% to $1,570.15, and palladium added 1.4% to $1,399.93.
Earlier on Saturday, after a two-day break, gold prices fell in both international and local bullion markets.
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.
