Gold prices in Pakistan witnessed a sharp increase, with the price of one tola of gold rising by Rs. 2,100 to reach Rs. 273,400.
The price of 10 grams of gold also increased by Rs. 1,800, bringing it to Rs. 234,396.
In the international market, gold prices climbed by $21, reaching $2,622 per ounce. Meanwhile, the price of silver remained stable at Rs. 3,350 per tola.
Earlier, the price of 24 karat per tola gold decreased by Rs.2,600 and was sold at Rs273,300 on Thursday December 19, 2024 against its sale at Rs 275,900 on previous trading day, All Sindh Sarafa Jewellers Association reported.
The price of 10 grams of 24 karat gold also decreased by Rs.2,229 to Rs234,311 from Rs236,540 whereas that of 10 gram 22 karat also went down to Rs214,785 from Rs216,828.
The prices of per tola silver decreased by Rs.50 to Rs.3,350 whereas that of ten gram silver went down by Rs.42.87 to Rs. 2,872.08.
The price of gold in the international market decreased by $26 to $2,621 from $2,647, the Association reported.
Gold, recognized as a highly esteemed precious metal, has held significant value for centuries and is integral to the global economy. Its worth is derived from its rarity, resilience, and universal attraction. Often viewed as a safe-haven asset, gold is utilized to safeguard wealth during periods of economic uncertainty.
Central banks and investors hold gold reserves to enhance the diversity of their investment portfolios and to shield against inflation and fluctuations in currency value.
The intrinsic appeal and finite supply of gold make it a highly desired material for jewelry and luxury goods. The demand for gold jewelry fosters economic activity across the mining, manufacturing, and retail industries.