ISLAMABAD (Kashmir English): Gold prices in Pakistan continued their upward trajectory, hitting a new all-time high in the local market on Saturday.
The price of gold rose by Rs1,800 to reach Rs340,600 per tola, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10 grams of gold also increased by Rs1,543 to Rs292,009.
The precious metal had already posted a sharp gain on Friday, rising by Rs10,000 in a single day to reach Rs338,800 per tola, setting what was then a record.
Which countries hold the most gold reserves?
The United States holds the largest gold reserves globally, followed by Germany and the International Monetary Fund (IMF).
The US, Germany, and Italy are the leading nations holding the precious metal reserves.
Gold’s status as a reliable store of value, coupled with its return potential, makes the metal a critical component of central bank reserves.
According to a World Gold Council report, central banks purchased more than 1,000 metric tons of gold last year, marking the third consecutive year of significant buying, roughly double the average yearly purchases of the past decade.
With 8,133.5 tonnes stored at Fort Knox, the US holds the most gold reserves in the world as of the fourth quarter of 2024.
Germany follows with 3,351.5 tonnes, while the global lender holds 2,814 tonnes. Italy and France complete the top five, with 2,451.8 tonnes and 2,437 tonnes, respectively.
Other major gold reserve holders include Russia (2,329.6 tonnes), China (2,284.5 tonnes), Switzerland (1,039.9 tonnes), India (879 tonnes), Japan (846 tonnes), and Turkey (619.9 tonnes). Central bank gold buying has continued into 2025, with Poland, India, China, Kyrgyzstan, and Uzbekistan leading the charge.
India is the major gold reserves holder in South Asian region, with a total of 940.92 tonnes, adding 22.54 tonnes in 2024 alone. Pakistan holds 64.7 tonnes, ranked 49th as of January 2025.
China holds the largest share in East Asia, followed by Japan and South Korea.
Germany, Italy, France, and Switzerland lead the Western Europe, followed by the Netherlands, Portugal, and the United Kingdom.
Experts expect that the metal could continue its upward trajectory, potentially reaching $3,500, further cementing its status as a go-to asset independent of political and economic sanctions.
