KARACHI: Gold and silver prices registered gains in both international and local markets on Tuesday, reflecting continued volatility in precious metals trading.
In the international bullion market, gold prices rose by $34 per ounce to settle at $5,172. However, spot gold later declined 1.1% to $5,172.11 per ounce by 0827 GMT, ending a four-session rally. US gold futures for April delivery slipped 0.6% to $5,191.50.
In Pakistan’s local markets, the price of gold per tola increased by Rs3,400 to reach Rs539,962. Similarly, the rate for 10 grams of gold rose by Rs2,915, closing at Rs462,930.
Silver prices also moved upward domestically. The price of silver per tola climbed by Rs192 to Rs9,286, while the rate per 10 grams increased by Rs165 to Rs7,961.
In international trading, spot silver edged down 0.3% to $87.94 per ounce after hitting a more than two-week high a day earlier. Meanwhile, spot platinum fell 0.2% to $2,149.04 per ounce, and palladium declined by 0.2% to $1,739.69.
Separately, the government raised the Zakat Nisab for the Zakat year 1446-47 AH to Rs503,529, reflecting the sharp rise in precious metal prices. According to a notification issued by the Ministry of Poverty Alleviation and Social Safety, no Zakat will be deducted from bank accounts holding balances below the revised threshold.
The increase in Nisab indicates broader economic pressures, including inflation and currency depreciation. Ahmed Ali Siddiqui, Secretary of the Shariah Supervisory Board at Meezan Bank, noted that while more individuals may now qualify to receive Zakat, fewer may be in a position to contribute.
