Gold prices increase today in Pakistan — December 20, 2025

KARACHI: Gold prices in Pakistan increased on Saturday, December 20, 2025, in line with gains in the international market, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of 24-karat gold rose by Rs1,300 to Rs456,162 per tola.

Similarly, the price of 10 grams of 24-karat gold increased by Rs1,115 to Rs391,085, while 10 grams of 22-karat gold went up by Rs1,022 to Rs358,507.

In the international market, gold prices climbed by $13 to $4,338 per ounce.

Meanwhile, 24-karat silver per tola increased by Rs139 to Rs6,987, whereas the price of 10 grams of silver rose by Rs119 to Rs5,990.

Internationally, silver prices gained $1.39 to reach $67.15 per ounce.

Gold Price Outlook for 2026

The year 2025 marked a pivotal shift in the global valuation of gold, transforming the metal from a purely cyclical inflation hedge into a strategic, non-sovereign reserve asset.

Gold prices surged dramatically, delivering year-to-date (YTD) gains that varied across reporting periods, ranging from a strong +17.4% through November to an even more significant increase of over +50% for the year in some analyses.

This rally culminated in gold setting an all-time record high, peaking near $4,381 per ounce in mid-October.

The ascent was not merely a reaction to inflationary pressures but rather a structural repricing driven by systemic geopolitical and financial risks.

The dominant factors underpinning this movement were unprecedented Central Bank accumulation, reflecting broader de-dollarization strategies, robust Exchange-Traded Fund (ETF) inflows, and a sustained risk premium derived from persistent global political instability.

Looking ahead, the institutional consensus for 2026 remains decidedly bullish. The forecast hinges on the anticipated easing of US monetary policy by the Federal Reserve and growing global anxiety regarding the long-term sustainability of the US fiscal outlook. Major financial institutions, including UBS and Goldman Sachs, project gold targets reaching between $4,400 and $4,900 per ounce.