# Is gold a good investment in Pakistan? Gold against savings, PSX and dollars

URL: https://which.pk/money/guides/gold-investment-pakistan/
Author: Ahtisham Imtiaz
Updated: 15 Oct 2026

## Summary

24k gold rose from Rs51,500 per tola on 11 Jul 2016 to Rs437,836 on 14 Oct 2026, about 8.5 times, while consumer prices roughly tripled. Over the same years the KSE-100 index rose about 4.4 times and the dollar 2.6 times. Over one year the result depends on the start date: gold was 4.2% lower than on 17 Oct 2025 but 6.7% higher than the price reported on 2 Oct 2025. Jewellery making charges are lost on sale, and gains on jewellery are taxable.

## Key facts

- Gold, 24k per tola: Rs437,836 (14 Oct 2026)
- Jul 2016 to Oct 2026: x8.5; CPI x2.96
- 17 Oct 2025 to 14 Oct 2026: -4.2%; CPI +10.3%
- Meezan Gold Fund: 24.70% (365 days to 31 Aug 2026)

Gold investment in Pakistan has beaten inflation over 10 years, but the one-year result depends on when you start counting. 24k gold went from **Rs51,500 per tola on 11 Jul 2016** to **Rs437,836 on 14 Oct 2026**, about 8.5 times, while consumer prices roughly tripled. Over one year the answer depends on the start date: gold on 14 Oct 2026 was **4.2% lower** than on 17 Oct 2025, while inflation to September 2026 was 10.3%.

**24k gold, 14 Oct 2026:** Rs437,836 per tola (All Pakistan Sarafa Gems and Jewellers Association (APSGJA) rate, down Rs3,000 that day. 10 grams: Rs375,373. 22k: Rs344,104 per 10 grams. International gold: $4,153 an ounce.)

## Is gold a good investment in Pakistan?

We don't give a yes or no. The table shows what gold did against the main alternatives, each measured between the dates given. Past returns don't predict future ones: gold, shares and the dollar can all fall from here.

| | About 10 years | About 5 years | About 1 year |
|---|---|---|---|
| **Gold, 24k per tola** | +750% (x8.5), 11 Jul 2016 to 14 Oct 2026 | +271% to +274%, from the 29 Oct to 3 Nov 2021 range to 14 Oct 2026 | -4.2%, 17 Oct 2025 to 14 Oct 2026 |
| **KSE-100 index** | +336%, end-June 2016 to 13 Oct 2026 | +257%, end-October 2021 to 13 Oct 2026 | +1.9%, end-October 2025 to 13 Oct 2026 |
| **US dollar (rupees per dollar)** | +164%, 11 Jul 2016 to 14 Oct 2026 | +61%, 29 Oct 2021 to 14 Oct 2026 | -1.5%, 17 Oct 2025 to 14 Oct 2026 |
| **Consumer prices (national CPI)** | +196%, August 2016 to September 2026 | +98%, October 2021 to September 2026 | +10.3%, September 2025 to September 2026 |

These are which.pk's calculations from the sourced figures. The start and end dates don't line up exactly, because each series is published differently, and October 2026 CPI wasn't out yet. The dollar start points are SBP's mark-to-market rates; SBP's archive has no files after June 2026, so the 14 Oct 2026 end point is the interbank close of Rs276.95 reported by Bloom Pakistan. PBS doesn't print the August 2016 CPI level, so we worked it back from its published August-on-August changes. The KSE-100 figures use index levels only; we couldn't confirm whether they include reinvested dividends.

After inflation, gold was worth about **2.87 times** as much over the 10-year window and **1.87 to 1.89 times** over the 5-year one. Over the latest year it lost about **13%** in real terms, measured from 17 Oct 2025.

**The one-year figure flips with the start date:** 17 Oct 2025 was a record day, Rs456,900 per tola, so measuring from it gives -4.2%. Measured from the Rs410,278 reported on 2 Oct 2025, gold was up 6.7% by 14 Oct 2026. Both are true: over a single year, the result says more about the start date than about gold.

## Gold vs PSX: which did better?

Over the 10-year window above, gold rose about 8.5 times and the KSE-100 index about 4.4 times, from 37,783.54 at end-June 2016 to 164,776.44 on 13 Oct 2026. Over 5 years they were close: gold +271% to +274%, the KSE-100 +257%. Over the last year both were roughly flat.

For a fixed return instead, National Savings rates from 1 Oct 2026 are **11.31%** on 12-month Short Term Savings Certificates, **11.80%** on 10-year Defence Savings Certificates and **10.00%** on the Savings Account. Money market mutual funds returned **9.27% to 11.05%** a year (annualised) over the 365 days to 31 Aug 2026. These are current rates, not 5 or 10-year histories; we didn't compile those. See [National Savings certificates](/money/guides/national-savings-certificates/) and [how to invest in PSX](/money/guides/how-to-invest-in-psx/).

## What is the gold rate history in Pakistan per tola?

These are 24k rates per tola as reported in news coverage of the jewellers' associations on each date.

| Date | Rate per tola | Source of the rate |
|---|---|---|
| First week of January 2016 | Rs44,300 | Dawn |
| 2 May 2016 | Rs50,000 | Dawn |
| 11 Jul 2016 | Rs51,500 (that year's record) | All-Sindh Saraf Association, via Dawn |
| 26 Oct 2021 | Rs132,000 (peak) | Dawn |
| 29 Oct to 3 Nov 2021 | Rs117,000 to Rs118,000 | Dawn |
| 11 Nov 2021 | Rs129,100 | Dawn |
| Reported 2 Oct 2025 | Rs410,278 | APSGJA, via Dawn |
| 17 Oct 2025 | Rs456,900 (record at the time) | APSGJA, via Dawn |
| Reported 24 Jan 2026 | Rs514,662 | Dawn |
| 23 Mar 2026 | Rs447,762 | Dawn (Reuters) |
| 14 Oct 2026 | Rs437,836 | APSGJA, via The Nation |

International gold hit a record **$5,594.82 an ounce on 29 Jan 2026** and had fallen about 25% by 23 Mar 2026. On 14 Oct 2026 the local rate was 14.9% below the Rs514,662 reported on 24 Jan 2026.

The local price follows two things: the world gold price and the rupee. APSGJA sets its rates using interbank exchange rates, and Dawn cited the rupee's fall against the dollar as pushing local gold up in 2021.

**The rate you pay may differ:** There is no central local benchmark, so prices vary between sellers. On 17 Oct 2025, traders settled at Rs466,500 to Rs467,500 per tola against the APSGJA rate of Rs456,900, Dawn reported; at other times bullion traders quote below it. We use the APSGJA rate throughout. On 14 Oct 2026, some websites showed lower live prices, but we follow the association figure.

## What are the gold investment options in Pakistan?

| Option | How you hold gold | Costs and limits we could confirm |
|---|---|---|
| Jewellery | Physical | Making charges and wastage are lost when you sell |
| Gold biscuits from jewellers | Physical | Slightly more than exchange prices, per Dawn |
| Meezan Gold Fund | Mutual fund units | 24.70% over 365 days to 31 Aug 2026 (MUFAP) |
| Pension (VPS) gold sub-funds | Pension fund units | NIT 24.93%, UBL 22.44% over the same 365 days |
| PMEX gold futures | Exchange contract | 25% cash margin; no short selling |

**Meezan Gold Fund** is the only open-end gold mutual fund on MUFAP's August 2026 ranking, where it is classed as a Shariah-compliant commodities fund. Its yearly returns, as published by Al Meezan, were -0.65% in FY21, 24.83% in FY22, 52.45% in FY23, 5.38% in FY24 and 42.72% in FY25. Assets in the category rose from Rs10,264 million in July 2026 to Rs10,997 million in August. MUFAP's category returns are net of the fund's expense ratio but not of sales loads.

We couldn't confirm the fund's minimum investment or whether it is taking fresh money now; ask Al Meezan before you plan around it. For how mutual funds and voluntary pension schemes work, see [mutual funds in Pakistan](/money/guides/mutual-funds-pakistan/).

**PMEX** (Pakistan Mercantile Exchange) trades a 1 tola gold futures contract and a Milli Tola contract of 0.001 tola. Under its 2024 specifications:

- The gold is at least 995.0 fine, in 10 tola bars, and prices are quoted per tola ex-Karachi, including taxes and duties.
- Buyers pay at least **25%** of the value as cash margin and keep a 15% maintenance margin. Sellers must hold the gold with PMEX, and short selling isn't allowed.
- Prices can move at most 5% a day from the previous settlement price. Trading runs Monday to Friday, 5 am to 2 am PST.

We read these from archived 2024 copies, because pmex.com.pk blocks automated access; check current terms with your broker. Dawn's Prism notes that buying through PMEX is more expensive because of regulation and tax, without giving figures.

## How to invest in gold in Pakistan with little money?

The smallest unit we could confirm is PMEX's Milli Tola contract, one thousandth of a tola. On 14 Oct 2026, a thousandth of the APSGJA rate was about Rs438, before the margin rules and any other costs. A mutual fund is the other route, but we couldn't confirm Meezan Gold Fund's minimum investment from the fund's own documents.

## Do you lose money when you sell gold jewellery?

Usually some. Making charges and wastage are part of what you pay for jewellery, and you lose them when you sell, Dawn's Prism reported. Neutral sources didn't give a typical percentage for making charges or for the jeweller's deduction on buy-back, so we don't quote one. Ask the jeweller for both in writing before you buy.

## What is the gold tax rate in Pakistan?

Under the Income Tax Ordinance, as amended up to 30 June 2026:

- **Jewellery and gold coins:** a gain on selling them is a capital gain under section 37, worked out as sale price minus cost. Most personal-use belongings are not capital assets, but jewellery, coins and medallions are listed exceptions.
- **No loss relief:** section 38(5) says a loss on selling jewellery or a coin isn't recognised.
- **No discount for holding long:** the old rule that taxed only three quarters of the gain on assets held over a year was removed by the Finance Act, 2022.
- **PMEX futures:** these count as derivative products under section 37A, the securities capital gains section, whether or not they settle with physical gold.
- **Wealth statement:** every resident individual who files a return must file a wealth statement with it, covering all assets, including those of a dependent spouse, minor children and other dependents.

We didn't confirm the rate that applies to a jewellery gain, or any sales tax jewellers charge, so check with a tax adviser. Compare gold with the other choices in [investment options in Pakistan](/money/guides/investment-options-pakistan/).

More guides: [investment options compared](/money/guides/investment-options-pakistan/), [mutual funds](/money/guides/mutual-funds-pakistan/), [how to invest in PSX](/money/guides/how-to-invest-in-psx/), [National Savings certificates](/money/guides/national-savings-certificates/), [Money](/money/).

## Questions people ask

### Is gold a good investment in Pakistan?

Over about 10 years it has gained more than shares, the dollar and inflation: 24k gold went from Rs51,500 per tola on 11 Jul 2016 to Rs437,836 on 14 Oct 2026, about 8.5 times, while consumer prices roughly tripled. Over one year it swings: it was 4.2% lower on 14 Oct 2026 than on 17 Oct 2025, while inflation was 10.3%.

### Gold vs PSX: which did better?

Over about 10 years gold rose about 8.5 times against 4.4 times for the KSE-100 index (37,784 at end-June 2016 to 164,776 on 13 Oct 2026). Over about 5 years they were close, gold +271% to +274% and the KSE-100 +257%, and both were roughly flat over the past year.

### Do I lose money when I sell gold jewellery?

Usually some. Making charges and wastage you paid on jewellery are lost when you sell it, and street prices can differ from the association rate. Under tax law, a loss on selling jewellery or coins can't be claimed.

### Is there tax on gold in Pakistan?

A gain on selling jewellery or gold coins counts as a capital gain under section 37 of the Income Tax Ordinance, and the old rule taxing only three quarters of long-held gains was removed in 2022. If you file a tax return as a resident individual, you must also file a wealth statement listing your assets.

### How can I invest in gold without buying jewellery?

Options include Meezan Gold Fund, the only open-end gold mutual fund on MUFAP's August 2026 list, gold sub-funds of voluntary pension schemes, and PMEX gold futures. PMEX contracts come in sizes from one tola down to a thousandth of a tola and need a 25% cash margin.

## Sources

- [Gold prices fall by Rs3,000 per tola (14 Oct 2026)](https://www.nation.com.pk/14-Oct-2026/gold-prices-fall-rs3-000-per-tola), The Nation (APP) (accessed 15 Oct 2026)
- [Gold crosses Rs456,000 per tola (18 Oct 2025)](https://www.dawn.com/news/1949647), Dawn (accessed 15 Oct 2026)
- [Gold skyrockets to Rs410,278 per tola (2 Oct 2025)](https://www.dawn.com/news/1946035/gold-skyrockets-to-rs410278-per-tola), Dawn (accessed 15 Oct 2026)
- [Gold surges to Rs514,662/tola (24 Jan 2026)](https://www.dawn.com/news/1968728), Dawn (accessed 15 Oct 2026)
- [Gold falls over Rs43,000 to Rs447,762 per tola (23 Mar 2026)](https://www.dawn.com/news/1984591), Dawn (Reuters) (accessed 15 Oct 2026)
- [One tola gold price hits Rs129,100 (12 Nov 2021)](https://www.dawn.com/news/1657622), Dawn (accessed 15 Oct 2026)
- [Per tola gold price hits Rs50,000 again (3 May 2016)](https://www.dawn.com/news/1255859), Dawn (accessed 15 Oct 2026)
- [Gold price hits Rs51,500 per tola (12 Jul 2016)](https://www.dawn.com/news/1270279), Dawn (accessed 15 Oct 2026)
- [All that glitters: The rise and rise of gold (20 Nov 2025)](https://www.dawn.com/news/1949963), Dawn (Prism) (accessed 15 Oct 2026)
- [Monthly Review on Price Indices, September 2026](https://www.pbs.gov.pk/wp-content/uploads/2020/07/Monthly-Review-September2026.pdf), Pakistan Bureau of Statistics (accessed 15 Oct 2026)
- [CPI Review, October 2021](https://web.archive.org/web/20220706220149/https://www.pbs.gov.pk/sites/default/files/price_statistics/cpi/cpi_review_october_2021.pdf), Pakistan Bureau of Statistics (accessed 15 Oct 2026)
- [CPI Review (new base 2015-16), August 2019](https://web.archive.org/web/2020/http://www.pbs.gov.pk/sites/default/files//price_statistics/monthly_price_indices/nb/2019/cpi_review_nb_august_2019.pdf), Pakistan Bureau of Statistics (accessed 15 Oct 2026)
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- [One Tola Gold Futures Contract Specifications (2024)](https://web.archive.org/web/20240803103523/https://pmex.com.pk/wp-content/uploads/2024/03/One-Tola-Gold-Futures-Contract-Specifications.pdf), Pakistan Mercantile Exchange (accessed 15 Oct 2026)
- [Milli Tola Gold Futures Contract (2024)](https://web.archive.org/web/20241205213744/https://pmex.com.pk/wp-content/uploads/2024/10/PMEX-Mili-Tola-Gold-Futures-Contract.pdf), Pakistan Mercantile Exchange (accessed 15 Oct 2026)
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