In 2025, Pakistan saw gold and stocks outperform other asset classes, with both delivering impressive gains. Gold achieved a remarkable 73% return from January 1 to December 24, 2025, rising from Rs233,711 per 10 grams to Rs405,402 per 10 grams. In the international market, gold prices also surged, increasing from US$2,612 per ounce on December 31, 2024, to US$4,503 per ounce on December 26, 2025, according to a report by Topline Pakistan Research.
The KSE-100 Index recorded the second-largest increase among asset classes, rising 48% during the same period, including dividends received.
Historically, real estate has been a favored investment option in Pakistan. According to Zameen.com, the average prices of commercial plots in DHA Karachi and DHA Lahore increased by 18% and 15%, respectively, while house prices in these areas rose by an average of 8%.
Naya Pakistan PKR certificates under the Roshan Digital Account (RDA) generated a 22% return in 2025, although rates were revised to 13% in March 2025. In contrast, Naya Pakistan’s US dollar certificate returned 10%.
Another popular investment among local Pakistanis in recent years has been the US dollar. Similar to 2024, returns on the US dollar remained at 1%, with the interbank exchange rate rising from Rs278 to Rs280. In the open market, the US dollar increased from Rs280 to Rs281. If this amount had been invested in a one-year term deposit at the beginning of the year, the expected gain would have been around 3-4%, assuming a 2-3% return on US dollar deposits.
Fixed-income and low-risk investment avenues posted relatively lower returns in 2025. The average bank savings rate in the fixed-income market remained at 9%, while the National Savings 3-year Special Savings Certificate (SSC) offered a return of 12%. Local Asset Management Companies’ (AMCs) money market funds generated an average return of 11% in 2025.
Government securities were another widely discussed investment avenue. However, due to monetary easing, returns moderated. Pakistan Investment Bonds (PIBs) delivered a 14% return, while T-Bill investors earned 12%. Investments in 3-month T-Bills, which were actively traded and reinvested every three months, also yielded a 12% return. Similarly, investors in 1-Year T-Bills earned a 12% return in 2025.
