Gold Prices in Pakistan Soar to All-Time Highs
Image: Rong Tuli

The price of gold in Pakistan has seen an unprecedented increase in the last five years, with a staggering 270 percent rise in the per tola price of gold. According to gold price data sourced by ProPakistani, the price of gold (24 carats) in Pakistan jumped from around Rs. 56,200 per tola in January 2018 to an all-time high of Rs. 217,000 per tola on April 5, 2023, before settling at a slightly lower mark of Rs. 214,600 per tola on Saturday.

A closer look at the data reveals that during the last five years, there has been a much higher increase in the price of gold in Pakistan than in the international market. In the international market, the price of gold rose from around $1,268 per ounce at the start of 2018 to $1,900 per ounce at the start of 2023, which translates to a price increase of around 50 percent in five years.

On the other hand, in Pakistan, the price of gold has seen a much higher increase. The per tola price of gold in Pakistan was just above Rs. 56,000 at the start of 2018, which jumped to Rs. 208,000 per tola at the start of 2023. This translates into a staggering 270 percent increase in the price of gold over five years.

The table below shows the price of gold (24 carats) in Pakistan over the last five years, along with the increase in price over the previous year and the percentage increase over the previous year:

PeriodPrice Per Tola*Increase Over Previous YearPercentage Increase Over Previous Year
January 2018Rs. 56,200Not applicableNot applicable
January 2019Rs. 67,800Rs. 11,60021%
January 2020Rs. 88,100Rs. 20,30030%
January 2021Rs. 113,600Rs. 25,50029%
January 2022Rs. 120,900Rs. 7,3006.4%
January 2023Rs. 208,400Rs. 87,50072%
CurrentRs. 214,600Not applicableNot applicable

The sharp devaluation of the Pakistani rupee in the last 12 months has been the primary reason for the much higher increase in gold prices in Pakistan. The Pakistani rupee, which stood at below Rs. 180 against the US dollar at the start of 2022, has now slid to Rs. 284.65.

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