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Saturday Jul 02 2022
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Gold extends gain, price increases by Rs600 in Pakistan

This picture taken on August 11 shows a customer handling gold bracelets at a jewellery shop in Mumbai. — AFP/File
This picture taken on August 11 shows a customer handling gold bracelets at a jewellery shop in Mumbai. — AFP/File 

  • Gold price settles at Rs141,700 per tola.
  • Price increases by Rs515 per 10 grams. 
  • Yellow metal gains $23 per ounce in international market.


KARACHI: Gold shined once again with the precious metal seeing an increase of Rs600 in its price on Saturday after declining for the last two days. 

According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs141,700 per tola and Rs121,385 with an increase of Rs515 per 10 grams in the local bullion market.

Meanwhile, in the international market, the gold price gained $23 per ounce to settle at $1,811.

Gold rates in Pakistan are around over Rs1,000 as compared to the gold rate in the Dubai market.

Silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.

Dealer lament govt decision to impose fixed taxes

Gold dealers across Pakistan raised concerns after Finance Minister Miftah Ismail imposed fixed income and sales tax on small gold shops.

On Friday, Miftah announced that a fixed income and sales tax worth Rs40,000 has been imposed on gold shops that cover an area of less than 300 square feet so that all gold shops come into the tax radar.

Meanwhile, 17% sales tax has been reduced to 3% for shops covering an area of more than 300 square feet (and falling under tier-1) as such higher tax can never be received from jewellery markets.

Moreover, the withholding tax of 4% has been brought down to 1% for local consumers who sell gold in the markets.

However, the market players rejected the revision in taxes and warned to go on strike if the decision wasn't reconsidered.