Islamabad, Pakistan – Gold prices in Pakistan have seen a significant jump on December 4, 2024, with an increase of 700 Pakistani Rupees per tola (11.66 grams), making the price of 24-carat gold reach an all-time high of PKR 275,200 per tola. This surge in gold prices has been attributed to the fluctuations in the global market, which have had a direct impact on the domestic rates.
Gs in Pakistan: What’s Driving the Increase?
According to the All Pakistan Gems and Jewelers Associatioold Pricen (APGJA), the price of 10-gram 24-carat gold rose by 600 PKR, bringing the value from 235,340 PKR to 235,940 PKR. Meanwhile, the price of 22-carat gold also witnessed a slight increase, with 10 grams now costing 216,278 PKR, up from the previous rate of 215,728 PKR.
The association highlighted that the rise in gold prices is largely due to the international gold market showing an upward trend. On December 4, gold’s price in the international market rose from 2,633 USD per ounce to 2,640 USD, prompting an increase in the local market as well.
Why the prices of Gold Rising?
The increase in the value of gold is part of a broader trend seen globally. Investors often turn to gold as a safe-haven asset during times of economic uncertainty or when inflation is high. The recent rise in the international price of gold is likely driven by global economic factors, including changes in interest rates, inflation concerns, and geopolitical tensions.
As a result, the domestic prices in Pakistan have mirrored this trend, further affecting local consumers and jewelers alike.
How to Track Gold Prices in Pakistan?
It is essential to keep an eye on the official reports from the All Pakistan Gems and Jewelers Association and the All Sindh Saraf and Jewellers Association, which regularly provide updates on gold and silver prices. Consumers can also monitor gold rates through local jewelers or trusted financial websites.
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