In the bullion market, gold and silver prices increased both internationally and in local markets on Tuesday. In the international market, the price of gold per ounce rose by $34, reaching $5,172.
In Pakistan’s local markets, the price of gold per tola increased by Rs3,400 to reach Rs539,962. The price of gold per 10 grams also went up by Rs2,915, reaching Rs462,930.
Silver prices also followed 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.
However, global spot gold declined by 1.1% to $5,172.11 per ounce by 0827 GMT, ending a four session rising trend. April delivery gold futures in the United States also fell by 0.6% to $5,191.50.
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Spot silver dropped 0.3% to $87.94 per ounce after reaching a more than two week high on Monday. Meanwhile, platinum and palladium prices also fell slightly, with platinum slipping 0.2% to $2,149.04 per ounce and palladium decreasing 0.2% to $1,739.69 per ounce.
In addition, the government increased the Zakat Nisab threshold to Rs503,529 for the Zakat year 1446-47 AH. The new limit reflects rising precious metal prices and growing economic pressure on households affected by inflation and currency depreciation.
According to a notification from the Ministry of Poverty Alleviation and Social Safety, no Zakat will be deducted from savings, profit and loss sharing accounts or similar accounts if the balance is below the revised Nisab level.
The change has broader implications. “There are now more people who qualify to receive Zakat, but fewer who are willing to donate it,” said Ahmed Ali Siddiqui while speaking to The Express Tribune. He serves as Secretary of the Shariah Supervisory Board at Meezan Bank.