Pakistan’s foreign reserves have surged close to record highs, driven by the global gold rally that has strengthened the country’s external position.
According to data from Topline Securities and the State Bank of Pakistan (SBP), gold reserves have reached nearly $9 billion, accounting for almost two-thirds of Pakistan’s total reserves a major jump from their historical average of one-third over the past decade.
The value of gold has soared over 50% in 2025, pushing the country’s total reserves to around $23.4 billion, the highest since early 2022. This marks a strong comeback for Pakistan’s reserve profile amid global market volatility.
Experts say the sharp rise in gold value has provided Pakistan with an “unexpected cushion” during a time of external pressure.
“The ongoing global gold rally has effectively bolstered Pakistan’s external buffers,”
The trend also reflects a broader shift in the composition of Pakistan’s assets, with gold now playing a pivotal role in stabilizing national reserves amid fluctuating foreign inflows.
| Key Indicator | Value (Oct 2025) | Change (YoY) |
| Total Reserves (FX + Gold) | $23.4 billion | ↑ Significant increase |
| Gold Reserves | $9 billion | ↑ Over 50% in 2025 |
| Share of Gold in Total Reserves | ~65% | ↑ From ~33% |
The global gold market has witnessed unprecedented gains this year, reaching record highs above $4,300 per ounce, fueled by investor demand amid economic uncertainty and lower interest rate expectations.