Gold prices in Pakistan have surged sharply since the start of 2025, turning the precious metal into one of the strongest performing assets of the year for local buyers and investors.
At the beginning of 2025, the price of gold in Pakistan stood at Rs272,600 per tola. Since then, prices have climbed almost daily, showing little sign of slowing. As of now, gold is trading at around Rs453,562 per tola. This means the price has risen by Rs180,962 per tola in less than a year, a jump that has caught many buyers off guard.
A similar trend can be seen in smaller weights. At the start of the year, 10 grammes of gold were priced at Rs233,711. Today, the same quantity costs about Rs388,856, reflecting an increase of Rs155,145 so far in 2025.
For households that traditionally save in gold, this rise has significantly lifted the value of existing holdings, while new buyers are finding it harder to enter the market.
Silver at all-time high
Silver has also followed the upward path. In early 2025, silver was priced at Rs3,350 per tola. It now stands at Rs6,822 per tola, marking an increase of Rs3,472. While silver often moves alongside gold, the scale of this rise has still been striking.
Pakistani rupee’s performance in 2025
Interestingly, this sharp increase in precious metal prices has not been driven by major weakness in the Pakistani rupee. At the start of 2025, the rupee was trading at Rs278.55 against the US dollar. Currently, it stands at around Rs280.27.
This shows a difference of just Rs1.72, indicating that the local currency has remained largely stable, with only minor daily changes reported by the State Bank of Pakistan.
What’s next for gold?
The global picture helps explain the rally. Gold has recorded its strongest performance since the 1979 oil crisis, with prices doubling over the past two years. Demand from central banks, large investors and even new players such as corporate treasuries has pushed prices to record levels.
Spot gold touched a high of $4,381 per ounce in October, having stayed below $3,000 before March.
Looking ahead, several major institutions remain bullish. Analysts at JP Morgan, Bank of America and consultancy Metals Focus have suggested that gold could reach $5,000 per ounce in 2026.
Ongoing geopolitical tensions, concerns about US fiscal policy, and questions around the independence of the US Federal Reserve are among the factors supporting this outlook.
For Pakistani consumers, the result is clear. Since the start of 2025, gold has become far more expensive, reshaping buying decisions ahead of weddings, savings plans and investment choices, while rewarding those who already held the metal at the beginning of the year.
