ISLAMABAD: Pakistan’s gold and stock markets posted strong gains in 2025, with gold emerging as the best-performing asset class, according to an analysis released by Topline Securities on Saturday.
The report noted that gold delivered an exceptional return of 73 percent between January 1 and December 24, 2025, with prices rising from Rs233,711 per 10 grams to Rs405,402 per 10 grams. In the international market, gold prices also surged, increasing from $2,612 per ounce on December 31, 2024, to $4,503 per ounce by December 26, 2025.
The KSE-100 Index recorded the second-highest increase among selected asset classes, gaining 48 percent during the period from January 1 to December 24, 2025, with four trading sessions remaining in the year. This return also reflects dividends received during the period.
Historically, real estate has remained one of the preferred investment options in Pakistan. According to Zameen.com, average commercial and residential plot prices in DHA Karachi and DHA Lahore increased by 18 percent and 15 percent, respectively, in 2025. Meanwhile, average house prices in DHA Karachi and DHA Lahore rose by around 8 percent.
The Naya Pakistan PKR certificate under the Roshan Digital Account (RDA) generated a return of 22 percent in 2025. It is noteworthy that profit rates were revised downward to 13 percent in March 2025. Meanwhile, the Naya Pakistan US dollar certificate delivered a return of 10 percent during the year.
Another favoured investment among Pakistanis in recent years has been the US dollar. Similar to 2024, returns on the US dollar remained muted at around 1 percent, as the interbank exchange rate moved marginally from Rs278 to Rs280, while in the open market the dollar rose from Rs280 to Rs281.
However, if the same amount had been invested in a one-year term deposit at the beginning of the year, investors could have earned a return of 3–4 percent, assuming an annual return of 2–3 percent on US dollar deposits.
Fixed-income and low-risk investment avenues posted relatively modest returns in 2025. Within the fixed-income segment, the average bank savings rate stood at around 9 percent, while National Savings’ three-year Special Savings Certificate (SSC) provided a return of 12 percent. Local asset management companies’ money market funds generated an average return of 11 percent during the year.
Government securities, another widely discussed investment avenue, also saw moderated returns due to monetary easing. Pakistan Investment Bonds (PIBs) delivered a return of 14 percent, while Treasury bill investors earned around 12 percent. The analysis assumed investments in actively traded three-month T-bills, reinvested every three months. Similarly, investors in one-year T-bills also earned a return of approximately 12 percent in 2025.
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