Business Desk 
Dec 31, 2024
In line with the persisting surge in yellow metal prices in the international market, gold rates in Pakistan during the entire 2024 cumulatively rose by Rs52,600, up 23.9% from its price at the outset of 2024.
After registering a massive surge during the entire 2024, the latest price of gold in Pakistan settled at Rs272,600, down from the peak of Rs287,900 it touched in October.
The lowest price of gold in the country during 2024 was recorded at Rs210,800, as reported by Geo News.
Being the driving force behind continuous fluctuations in Pakistan's gold prices, the cost of per ounce bullion in the international market reportedly soared by $552 to settle at $2,614.
With a collective annual surge in gold price in the international market being 26.7%, the highest per-ounce gold rate during 2024 was recorded at $2,784. Meanwhile, the lowest it touched this year was $2,010.
Gold price in Pakistan is announced by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
