Gold prices record big increase in Pakistan — December 23, 2025

KARACHI: Gold prices in Pakistan recorded a sharp increase on Tuesday, December 23, 2025, in line with strong 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 per tola rose by Rs8,500, reaching Rs470,862, compared to Rs462,362 on the previous day.

Similarly, the price of 10 grams of 24-karat gold increased by Rs7,288 to Rs403,688, up from Rs396,400 a day earlier.

In the international market, gold prices climbed by $85, reaching $4,485 per ounce, compared to $4,400 in the previous session.

Meanwhile, the price of silver per tola remained unchanged at Rs7,205.

Gold Price Outlook for 2026

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

Gold prices surged sharply during the year, with year-to-date gains ranging from +17.4% through November to over +50% in some assessments. The rally peaked in mid-October, when gold touched an all-time high of nearly $4,381 per ounce.

Analysts note that the rise was not driven solely by inflation concerns but reflected a structural repricing amid growing geopolitical and financial risks. Key factors included record central bank gold purchases, accelerating de-dollarization efforts, strong exchange-traded fund (ETF) inflows, and persistent global political instability.

Looking ahead to 2026, institutional forecasts remain strongly bullish. Expectations of easing US monetary policy by the Federal Reserve and mounting concerns over the long-term sustainability of US fiscal finances are expected to support prices further.

Major financial institutions, including UBS and Goldman Sachs, project gold prices to range between $4,400 and $4,900 per ounce in 2026.