A tola of 24‑karat gold that cost Rs 132,300 in March 2022 now trades at roughly Rs 436,336, a rise of more than 230 percent.
Over the past four years the price of gold in Pakistan has surged dramatically, turning what was once a modest investment into a lucrative asset. In March 2022, a single tola—about 11.66 grams—of 24‑karat gold fetched Rs 132,300, whereas today the same weight commands Rs 436,336 on local exchanges. This three‑fold jump reflects both global commodity trends and local macro‑economic pressures.
The rally is largely driven by a combination of factors: the Pakistani rupee has depreciated by roughly a third against the US dollar since early 2022, while international gold prices have climbed on heightened geopolitical uncertainty and persistent inflation. As the rupee weakens, investors increasingly turn to gold as a store of value, pushing domestic demand and, consequently, prices higher.
For Pakistani households and small investors who bought gold as a hedge against rising living costs, the payoff has been substantial. Compared with equities, which have delivered modest returns amid volatile market conditions, gold’s performance has outstripped many traditional investment avenues, reinforcing its reputation as a safe‑haven asset in the country’s financial landscape.
Analysts caution that while the current momentum remains strong, future price movements will depend on currency stability, central bank policy, and global supply‑demand dynamics. Investors are advised to monitor these variables closely, as the same forces that propelled gold’s recent surge could also introduce volatility in the months ahead.