Gold remained one of Pakistan’s best-performing investment assets during fiscal year 2025-26, delivering a return of more than 21 percent despite surrendering nearly Rs. 1.5 lakh per tola from its historic peak before the close of the year.

According to the official rates of the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold stood at Rs. 350,200 per tola at the beginning of FY26 on July 2, 2025. By June 30, 2026, it had risen to Rs. 424,836 per tola, reflecting a gain of Rs. 74,636, or 21.32 percent, over the fiscal year.

Gold traded within a relatively narrow range during the first half of FY26 before staging a historic rally at the start of 2026. The precious metal climbed to a then-record Rs. 551,662 per tola on January 28 before advancing another Rs. 21,200 the following day to reach its all-time high of Rs. 572,862 per tola on January 29, 2026.

The rally was followed by heightened volatility. Gold plunged Rs. 35,500 on January 30 to Rs. 537,362 per tola, recovered to Rs. 543,262 by March 11, and then entered a prolonged correction. By the end of March, the price had retreated to Rs. 478,762 per tola.

A brief rebound in April lifted gold back above the Rs. 500,000 mark, with the price touching Rs. 504,162 per tola on April 8. However, the recovery proved short-lived as bullion resumed its downward trajectory, falling to Rs. 490,862 by April 24 and Rs. 485,062 four days later.

Gold continued to weaken through most of May, slipping to Rs. 473,162 per tola by May 24 before geopolitical tensions linked to the US-Iran conflict triggered a temporary recovery, allowing the metal to close the month at Rs. 476,162 per tola.

Selling pressure intensified in June as international bullion prices retreated. Gold dropped to Rs. 442,436 on June 10, briefly rebounded above Rs. 455,000 on June 15, and then resumed its decline. The price fell to Rs. 432,236 on June 23 before ending FY26 at Rs. 424,836 per tola after another Rs. 4,100 decline on the final trading day of the fiscal year.

Although gold finished the fiscal year Rs. 148,026 per tola, or 25.84 percent, below its all-time high, it still generated a 21.32 percent annual return. From the opening price of Rs. 350,200 to the January peak of Rs. 572,862, gold gained Rs. 222,662 per tola, underscoring the extraordinary volatility and strong investor demand that defined Pakistan’s bullion market during FY26.