SBP's gold reserves rise by PKR 985bn in two years on price surge

The value of gold reserves held by the State Bank of Pakistan rose by nearly PKR 985 billion over two years, driven largely by a sharp rise in global gold prices. The central bank's financial statements show the increase occurred between the start of fiscal year 2025 and the end of fiscal year 2026, with only a marginal rise in the actual quantity of gold held.

How much are SBP's gold reserves worth?

SBP's gold reserves were valued at PKR 2.334 trillion at the end of fiscal year 2026, up from PKR 1.942 trillion a year earlier. At the start of fiscal 2025, the value stood at around PKR 1.349 trillion. The two-year increase amounted to about PKR 984.6 billion, according to the central bank's financial statements.

Why did the value of SBP's gold reserves increase?

SBP held 2.084 million fine troy ounces of gold at the end of fiscal 2026, compared with 2.082 million ounces a year earlier. The near-flat quantity shows that the rise in value came mainly from higher gold prices rather than new purchases. The bank bought 2,245 ounces of gold in fiscal 2026, compared with 1,925 ounces the previous year.

The central bank recognized an appreciation of PKR 389,074.27 million during the year, based on a closing market rate of USD 4,026.05 per troy ounce of fine gold. SBP said the valuation was calculated using the market rate fixed by the London Bullion Market Association.

What does this mean for Pakistan's reserve assets?

The figures show how the global surge in gold prices has strengthened the value of Pakistan's official gold holdings without a matching rise in the physical quantity held. This has boosted the overall value of the central bank's reserve assets. The gains reflect movements in international gold markets rather than a shift in SBP's gold-buying strategy.