In 2006-07, a 1 percent withholding tax was imposed on commercial imports of gold in the country. Photo: Express NewsGold prices surged to record highs on Monday in both international and local markets, driven by a sharp rise in the global bullion rate. According to the All Pakistan Gems and Jewellers Association, international gold prices jumped by $59 to reach an unprecedented $3,818 per ounce. Read: Gold prices fall in global, local marketsTraders attributed the spike to strong global demand and a weakening dollar, pushing domestic prices to their highest levels ever. Spot gold jumped 1.7% to $3,824.52 per ounce by 1147 GMT, after hitting $3,829.13 earlier in the session.