The price of gold in Pakistan maintained a steady upward trend throughout 2024, closing the year at Rs. 272,600 per tola (24 karats) on December 31, marking a 24% increase from the start of the year. At the end of 2023, gold was priced at Rs. 220,000 per tola, reflecting a rise of Rs. 52,600 over the past 12 months.

The precious metal reached an all-time high of Rs. 287,900 per tola in late October 2024. However, in the final two months of the year, prices stabilized, remaining range-bound around the Rs. 275,000 per tola level. Despite not closing at its peak, gold’s consistent performance throughout the year highlights its appeal as a safe-haven asset amid economic uncertainties.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), there was no change in gold prices in the local market today. The price of 24-karat gold stood at Rs. 272,600 per tola, while 24-karat gold per 10 grams was sold at Rs. 233,711. Meanwhile, 22-karat gold was priced at Rs. 214,235 per 10 grams.

International Market Trends
In the international market, spot gold rose by 0.4% to $2,615.00 per ounce as of 0927 GMT, while US gold futures also gained 0.4%, reaching $2,627.30 per ounce. Globally, gold prices have surged by over 26% in 2024, marking the largest annual increase since 2010. The rise is attributed to factors such as geopolitical tensions, inflationary pressures, and a weaker US dollar, which have driven investors toward the precious metal.