Gold prices today in Pakistan — December 19, 2025

KARACHI: Gold prices in Pakistan declined on Friday, December 19, 2025, in line with a downward trend in the international market, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of 24-karat gold fell by Rs900 per tola, trading at Rs454,862, compared to Rs455,762 on the previous trading day.

Similarly, the price of 10 grams of 24-karat gold dropped by Rs772 to Rs389,970.

Meanwhile, the price of 10 grams of silver decreased by Rs44 to Rs5,871.

In the international market, gold prices declined by $9 to $4,325 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.