Rising global bullion prices boost Pakistan’s strategic gold holdings despite recent market volatility
Pakistan’s gold reserves surged 40% year-on-year to reach $9.61 billion in April 2026, according to data released by the central bank on Thursday.
The State Bank of Pakistan said the country’s gold reserves stood at $6.87 billion at the end of April 2025.
Analysts said the sharp increase in the value of Pakistan’s strategic gold holdings was mainly driven by a substantial rise in international gold prices over the past year, which boosted the valuation of reserve assets held by the central bank.
However, bullion markets have remained volatile in recent months amid heightened geopolitical tensions in the Middle East. Gold prices came under pressure during the past two and a half months following the Iran-U.S. conflict that began on February 28, 2026, traders said.
The central bank’s gold reserves had reached a record high of $10.88 billion in February 2026 before easing in subsequent months due to fluctuations in global precious metal prices.
Data released by the SBP also showed that Pakistan’s total official reserve assets increased significantly to $26.68 billion in April 2026, compared with $18.33 billion in the same month a year earlier.
Of the total reserve assets, foreign currency reserves accounted for $11.54 billion in April 2026.
Economists said stronger reserve assets could provide support to Pakistan’s external account position and improve investor confidence, although future movements will largely depend on global commodity prices, external financing inflows, and currency market stability.