Gold Rally Lifts Pakistan’s Reserves to Near Record Highs

Soaring gold prices in 2025 have delivered a windfall for Pakistan’s external finances, with the country’s gold reserves now estimated at nearly $9 billion, more than double their average share of total reserves over the past decade. According to data compiled by Topline Securities and the State Bank of Pakistan, the surge in gold’s value, up over 50% so far this year, has pushed Pakistan’s total reserves (including liquid foreign exchange) to around $23.4 billion, approaching all-time highs, according to Topline Securities. The latest trend marks a significant shift in the composition of Pakistan’s reserves. For much of the past ten years, gold accounted for about one-third of the country’s liquid reserves. In 2025, that share has jumped to nearly two-thirds, underscoring how the global gold rally is reinforcing Pakistan’s external buffers at a critical time. The accompanying chart from Topline Securities illustrates this transformation, showing gold reserves climbing steadily even as liquid reserves have fluctuated. The combined reserves asset line now sits at its highest level since early 2022, reflecting both the strength in gold and a recovery in foreign exchange holdings.