Gold Price History in Pakistan (2020–2025): Year-by-Year Data, Charts & Key Events

If you have ever wondered what gold was worth in Pakistan five years ago or why prices have risen so dramatically in recent years, this complete guide to the gold price history in Pakistan gives you the full picture. Below you will find year-by-year 24K gold rates per tola in Pakistani Rupees (PKR), annual highs and lows, percentage returns and the exact economic events behind every major price movement from 2020 through 2025.

Gold Price History in Pakistan at a Glance (2020–2025)

Why Gold Prices in Pakistan Move Differently from International Prices

Before diving into each year of the gold price history in Pakistan: gold prices in Pakistan are shaped by two separate forces working at the same time.

The first is the international spot price, set by the London Bullion Market Association (LBMA) every trading day in US dollars per troy ounce. This global benchmark reflects central bank gold buying, Federal Reserve interest rate decisions, geopolitical tensions, inflation expectations and investor demand worldwide.

The second force is the USD to PKR exchange rate which is tracked daily by the State Bank of Pakistan. Because Pakistan imports gold and prices it in USD on the international market, every rupee that the Pakistani Rupee loses against the US dollar directly pushes local gold prices higher even if international gold itself has not moved.

This is why Pakistan’s gold price history often looks more dramatic than international gold charts. In 2022, for example, international gold was nearly flat at around $1,800 per ounce, yet the gold rate in Pakistan jumped by 28% in a single year purely because the PKR collapsed from Rs. 178 to Rs. 230 against the dollar. Understanding this relationship helps investors and buyers make smarter timing decisions.

2020: The COVID-19 Year / Gold Crosses Rs. 1 Lakh Per Tola

Opening Rate: Rs. 83,000 per tola
Annual High: Rs. 126,000 per tola
Annual Return: +52%

The year 2020 marked one of the biggest turning points in the gold price history in Pakistan.

The defining event was the COVID-19 pandemic. When the World Health Organization declared a global health emergency in March 2020, stock markets worldwide crashed, and investors rushed to gold as a safe-haven asset. International gold, which had started the year around $1,520 per ounce, surged to an all-time high of $2,067 per ounce in August 2020 , a record that stood for more than three years.

Simultaneously, Pakistan’s economy was under severe stress. The PKR weakened from around Rs. 155 to Rs. 167 against the USD during the year. The double impact international gold at record highs and a weaker rupee pushed the per-tola rate in Pakistan past the Rs. 1 lakh milestone in August 2020 for the very first time in history.

There was a brief correction in March 2020 when the pandemic first hit, as investors sold gold to raise cash. That dip to around Rs. 83,000 turned out to be one of the best buying opportunities of the decade. Those who purchased gold in March 2020 saw a 52% return within the same calendar year.

Key drivers of 2020’s price movement:

• COVID-19 pandemic triggering global safe-haven demand
• International gold hitting its then-all-time-high of $2,067/oz (LBMA, August 2020)
• PKR depreciation from Rs. 155 to Rs. 167 per USD
• State Bank of Pakistan emergency monetary policy measures
• Decline in Pakistan’s foreign exchange reserves

2021: Consolidation After the COVID Peak

Opening Rate: Rs. 109,000 per tola
Annual High: Rs. 130,000 per tola
Annual Return: +16%

In 2021, the gold price history in Pakistan entered a consolidation phase after the explosive rally of 2020

Internationally, gold traded between $1,680 and $1,960 per ounce throughout 2021. In Pakistan, the rate ranged between roughly Rs. 108,000 and Rs. 130,000 per tola. The PKR was relatively stable at around Rs. 160–165 per USD for most of the year, limiting the currency-driven amplification that had turbo-charged 2020’s gains.

A 16% return in 2021 may look modest compared to 2020 but it still outperformed bank savings rates and most fixed-income instruments available to Pakistani investors that year. For buyers who had not yet entered the gold market, this consolidation period offered a second window to purchase before the much larger moves that followed in 2022 and 2023.

Key drivers of 2021’s price movement:

• COVID-19 vaccine rollout reducing global panic-buying
• Federal Reserve holding interest rates at near zero
• Relatively stable USD/PKR rate (Rs. 160–165)
• Pakistan’s IMF programme providing temporary currency stability
• Gold market correction after 2020’s historic highs

2022: The PKR Collapse Year /Gold Up 28% on Currency Alone

Opening Rate: Rs. 126,000 per tola
Annual High: Rs. 184,100 per tola
Annual Return: +28%

The year 2022 became one of the most important periods in the gold price history in Pakistan because local gold prices surged despite weak international performance.

Internationally, gold had a disappointing year. The US Federal Reserve began one of its most aggressive interest rate hiking cycles in decades raising rates from near zero to over 4% to fight a 40-year-high inflation surge in the United States. Rising US interest rates make gold less attractive relative to yield-bearing assets like bonds, so international gold actually fell slightly during 2022, averaging around $1,800 per ounce for the year nearly flat compared to 2021.

In Pakistan, however, the story was completely different. The removal of Prime Minister Imran Khan from office in April 2022 triggered a severe political and economic crisis. The PKR, which began the year at around Rs. 178 per USD, collapsed to Rs. 230 by year-end a depreciation of nearly 30% in twelve months. Pakistan’s foreign exchange reserves fell to critically low levels and the country entered prolonged negotiations with the International Monetary Fund (IMF) for a rescue package.

The result: even though international gold barely moved, the falling rupee pushed Pakistan’s local gold price from Rs. 126,000 to Rs. 184,100 per tola a 28% gain purely driven by currency weakness. This year permanently shifted how many Pakistani investors view gold not just as a commodity, but as the most accessible hedge against rupee depreciation.

Key drivers of 2022’s price movement:

• Political instability following PM Imran Khan’s removal (April 2022)
• PKR collapse from Rs. 178 to Rs. 230 per USD
• Pakistan’s foreign exchange crisis and IMF negotiations
• Federal Reserve rate hikes suppressing international gold
• Local panic buying as rupee weakened

2023: Gold Crosses Rs. 2 Lakh Per Tola for the First Time

Opening Rate: Rs. 155,000 per tola
Annual High: Rs. 232,000 per tola
Annual Return: +33%

The gold price history in Pakistan in 2024 proved that even a stable rupee year can deliver strong gold returns when international markets perform.

Internationally, gold recovered strongly. Central banks worldwide, led by China, India, and Turkey, purchased gold at the fastest pace in over 50 years as part of broader de-dollarization efforts reducing reliance on the US dollar in global reserves. The gold price in USD climbed from around $1,820 at the start of the year breaking through $2,000 per ounce for the first time in April 2023 and reaching $2,078 per ounce by year-end (LBMA spot price).

In Pakistan, the economic crisis of 2022 continued into 2023. The PKR hit Rs. 307 against the dollar on the open/black market in February 2023 a historic low before the IMF approved a $3 billion Stand-By Arrangement in July 2023, which helped stabilize the currency at around Rs. 280–285 for the rest of the year.

The combination of rising international gold and a severely weakened rupee pushed the gold rate in Pakistan past Rs. 2 lakh per tola for the first time in October 2023. This was another historic milestone, coming just three years after gold crossed Rs. 1 lakh for the first time. The Karachi Sarafa Association recorded prices above Rs. 202,400 per tola in March 2023 and they continued climbing through the year.

Key drivers of 2023’s price movement:

• Global central bank gold buying at 50-year highs (World Gold Council data)
• De-dollarization trend boosting demand
• International gold breaking $2,000/oz for the first time
• PKR reaching a historic low of Rs. 307 (open market, February 2023)
• IMF Stand-By Arrangement stabilizing PKR in H2 2023
• Gold crossing Rs. 2 lakh per tola in October 2023

2024: International Gold Breaks Record After Record

Opening Rate: Rs. 210,000 per tola
Annual High: Rs. 282,300 per tola
Annual Return: +22%

Unlike 2022, which was a PKR story and 2023 which was both, 2024 was primarily an international gold price story. The PKR actually stabilized in 2024, holding relatively steady at around Rs. 278–280 per USD following the IMF programme. This meant that gold’s 22% return in Pakistan that year was almost entirely driven by the extraordinary rally in international gold markets.

International gold had a historic year. It broke through $2,000, $2,100, $2,200, $2,300, $2,400, $2,500, $2,600, and ultimately $2,790 per ounce setting new all-time highs repeatedly throughout the year. The drivers included: continued central bank buying (especially from China’s People’s Bank of China and Reserve Bank of India), geopolitical tensions in the Middle East and Ukraine, and growing expectations that the US Federal Reserve would begin cutting interest rates.

For Pakistani buyers and investors, the year demonstrated that even without a weakening rupee, international gold markets alone could deliver substantial returns. Gold in Pakistan climbed from around Rs. 210,000 to Rs. 282,300 per tola a Rs. 72,300 gain per tola in a single year.

Key drivers of 2024’s price movement:

• International gold setting all-time highs above $2,790/oz (COMEX/LBMA)
• Central bank gold buying continuing at elevated levels (World Gold Council)
• Geopolitical tensions in Gaza, Ukraine boosting safe-haven demand
• Federal Reserve rate cut expectations boosting gold
• PKR relatively stable at Rs. 278–280 per USD
• Pakistan’s improving foreign exchange reserves under IMF programme

2025: The Most Dramatic Year in Pakistan’s Modern Gold History

Opening Rate: Rs. 282,300 per tola
Annual High: Rs. 462,000 per tola
Annual Return: +66%

The year 2025 delivered the strongest annual gain in the modern gold price history in Pakistan.

Internationally, gold crossed $3,000 per ounce for the first time in history in early 2025 a milestone that many analysts had predicted would take years to reach. By mid-2025, it was trading above $3,500 per ounce, and by the end of the year it was approaching $4,500–$4,800. The drivers were extraordinary: escalating US-China trade tensions, sweeping US tariff announcements that shook global markets, continued central bank gold buying, and growing concerns about US fiscal deficits weakening long-term dollar credibility.

In Pakistan, the Karachi Sarafa Market reflected these international moves closely. The per-tola 24K rate crossed Rs. 3 lakh for the first time, then Rs. 4 lakh, before closing the year near Rs. 4.62 lakh. The gold rate per gram in Pakistan crossed Rs. 39,000 for the first time. These were numbers that would have seemed impossible just five years earlier, when gold was trading at Rs. 83,000 per tola at the start of 2020.

Key drivers of 2025’s price movement:

• International gold crossing $3,000/oz for the first time (LBMA)
• US tariff announcements under the Trump administration sparking global market uncertainty
• De-dollarization accelerating among BRICS nations
• Central banks (China, India, Turkey, Poland) continuing aggressive gold accumulation
• Safe-haven demand from geopolitical instability
• International gold approaching $4,800/oz by year-end
• Pakistan’s gold rate per tola crossing Rs. 4 lakh for first time

What Rs. 1 Lakh Invested in Gold Would Be Worth Today

One of the most useful ways to understand gold’s performance in Pakistan is to look at actual investment returns. Here is what Rs. 1 lakh invested in 24K gold at different points would be worth at the end of 2025 (approximately Rs. 4.62 lakh per tola):

Note: These are indicative returns on the gold price movement only. They do not include making charges on jewellery, storage costs, or capital gains tax. Always consult a qualified financial advisor before making investment decisions.

Frequently Asked Questions