Gold Prices Surge Globally, Reach Historic High in Pakistan

The price of gold has seen a marked increase globally, with the per-tola price in Pakistan reaching a new high of Rs282,800, an increment of Rs2,300 in a single day. The escalation in international gold prices also saw the single-ounce price rise by $23 to a record high of $2,716, underlining the present market trend.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) quoted the current gold prices in Pakistan on December 12th, 2024. According to international markets, the spot gold remained nearly unchanged at $2,717.80 per ounce, following a slight dip. However, the overall trend indicates a price jump in both local and international markets, with a notable rise in Asia and the West.

The silver rates, on the other hand, remained steady, as cited by the APGJSA, maintaining its price of Rs3,450 per tola. This stability suggests a smoother market performance in comparison to gold's significant price hike.

The increased demand for gold as a safe-haven asset, possibly in response to prevailing economic instability and market fluctuations, can be seen as a contributing factor to the surge. As global economic trends and international market dynamics continue to evolve, the pricing of gold may remain dynamic, leading to continuous monitoring for any further adjustments.