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Karachi: Gold prices in Pakistan increased on Thursday, December 18, 2025, in line with a trend in the international market, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The price of 24 karat gold increased by Rs 2,200 per tola and was traded at Rs 455,762 against its sale at Rs 453,562 on the previous trading day.
The price of 10 grams of 24 karat gold also went up by Rs 1,800 to Rs 390,742 whereas the price of 10 grams of 22 karat gold increased by Rs 1,275 to Rs 357,919.
The price of per tola silver increased by Rs 78 to Rs 6,900, while the price of 10 grams of 24 karat silver rose by Rs 67 to Rs 5,915.
In the international market, the price of gold increased by $22 to $4,334 per ounce, whereas the price of silver went up by $0.78 to $66.28 per ounce.
Gold Price Outlook for 2026
The year 2025 marked a pivotal shift in the global valuation of gold, transforming the metal from a purely cyclical inflation hedge into a strategic, non-sovereign reserve asset.
Gold prices surged dramatically, delivering year-to-date (YTD) gains that varied across reporting periods, ranging from a strong +17.4% through November to an even more significant increase of over +50% for the year in some analyses.
This rally culminated in gold setting an all-time record high, peaking near $4,381 per ounce in mid-October.
The ascent was not merely a reaction to inflationary pressures but rather a structural repricing driven by systemic geopolitical and financial risks.
The dominant factors underpinning this movement were unprecedented Central Bank accumulation, reflecting broader de-dollarization strategies, robust Exchange-Traded Fund (ETF) inflows, and a sustained risk premium derived from persistent global political instability.
Looking ahead, the institutional consensus for 2026 remains decidedly bullish. The forecast hinges on the anticipated easing of US monetary policy by the Federal Reserve and growing global anxiety regarding the long-term sustainability of the US fiscal outlook. Major financial institutions, including UBS and Goldman Sachs, project gold targets reaching between $4,400 and $4,900 per ounce.
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