Gold ends 2024 at Rs272,600 per tola in Pakistan

KARACHI: Gold prices in Pakistan remained unchanged on final trading day of 2024, with 24-karat gold maintaining its value at Rs272,600 per tola, according to the latest figures released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

Similarly, the price for 10 grammes of 24-karat gold stood firm at Rs233,711, showing no change from the previous session.

For 22-karat gold, the price was recorded at Rs214,235 per 10 grammes.

Silver prices in the local market also remained stable, with 24-karat silver priced at Rs3,350 per tola and Rs2,872 per 10 grammes.

On the international front, spot gold experienced a modest rise, trading at $2,616 per ounce—an increase of $9.6, or 0.37 per cent, compared to the previous session.

This uptick comes as gold wraps up a record-breaking year, marking its strongest annual performance since 2010.

The metal’s rally has been driven by significant central bank purchases, ongoing geopolitical tensions, and easing monetary policies from major global financial institutions.

Gold prices were set to end a record-breaking year on a positive note on Tuesday as robust central bank buying, geopolitical uncertainties and monetary policy easing fuelled the safe-haven metal’s strongest annual performance since 2010.

Spot gold rose 0.4 per cent to $2,615.00 per ounce as of 0927 GMT, while US gold futures gained 0.4 per cent to $2,627.30.

As one of the best-performing assets of 2024, bullion has gained more than 26 per cent year-to-date, the biggest annual jump since 2010, and last scaled a record high of $2,790.15 on Oct. 31 after a series of record-breaking rallies throughout the year.

“Rising geopolitical risks, demand from central banks, easing of monetary policy by central banks globally, and the resumption of inflows into gold-linked Exchange Traded Commodities (ETC) were the primary drivers of gold’s rally in 2024,” said Aneeka Gupta, director of macroeconomic research at WisdomTree.

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