Gold Prices Monthly Report for September 2025

At the beginning of September, global spot gold was priced in the range of approximately US$3,478 to US$3,500 per ounce.

Early September: A Steady Base

At the beginning of September, the price of 24-karat gold in Pakistan was approximately Rs 366,640 per tola, with the price for 10 grams close to Rs 314,335.

Gold hits another all-time high in Pakistan. During the initial days of the month, a modest rise was observed due to global market strength and fluctuations in the local currency. By September 3, a sharp upward movement occurred, pushing the price of 24K gold to around Rs 376,700 per tola, while the 10-gram rate increased to Rs 322,959. This notable increase was largely influenced by international trends as well as seasonal demand within Pakistan.

While a minor decline had occurred in mid of August, with gold falling to around $3,344 per ounce on 15 August.

Mid-September: Sustained Climb with Intermittent Stability

In the middle of the month, gold prices in Pakistan continued to follow an upward trend, though the rise was more gradual compared to the beginning of the month. On September 7, 24K gold was being traded at approximately Rs 377,900 per tola, while the 10-gram price remained steady near Rs 322,959. By September 25, the domestic market showed higher prices, with 24K gold reaching Rs 398,800 per tola and 10 grams priced at Rs 341,906. Although the rise was still consistent, the pace of increase during this period was moderate.

Late September: Accelerated Surge to Record Highs

The final week of September saw gold prices spike sharply. On September 29, international gold prices surged significantly, which pushed the local price of 24K gold to Rs 403,600 per tola, while the 10-gram price rose to Rs 346,021. The following day, on September 30, gold reached its monthly peak in Pakistan. The 24K per tola price climbed to Rs 406,778, and the 10-gram price reached Rs 348,746. This steep climb reflected a strong end-of-month rally both globally and locally, with contributing factors such as exchange rate pressure and robust local demand.

Table 2: Pakistan Local Market Gold Price (PKR per Tola, 24K)

Pakistan Summary & Drivers

From September 1 to September 30, gold in Pakistan rose from approximately Rs 366,640 to Rs 406,778 per tola, marking an increase of roughly 11 percent over the month. The price increase was not uniform, with sharper gains noted in the early and final weeks of September. Several factors contributed to this trend. One was the volatility and depreciation of the Pakistani rupee against the U.S. dollar, which made imported gold more expensive. Another was increased local buying interest in anticipation of wedding seasons and festivals. Additionally, higher import duties and associated costs added pressure to local pricing.

Global Gold Market Movement: Starting Level & Early Gains

At the beginning of September, global spot gold was priced in the range of approximately US$3,478 to US$3,500 per ounce. In the first week, the metal experienced a steady increase, reaching around US$3,540 by September 3. The climb was mainly driven by broader macroeconomic concerns and demand for safe-haven assets, as investors responded to weak global economic indicators and uncertainties around interest rate decisions.

Mid-September: Strong Demand & Investor Positioning

By the second week of September, gold prices had continued to rise, supported by growing demand from institutional investors, central banks, and those seeking a hedge against inflation. Around September 8, prices moved above US$3,613 per ounce. The rally during this period was largely influenced by expectations that the U.S. Federal Reserve might soften its stance on interest rates, making non-yielding assets like gold more attractive. At the same time, concerns over global economic slowdown and geopolitical risks added to the upward momentum.

End of September: Breakout to Record Highs

The final week of September was marked by a strong surge in gold prices. On September 29, spot gold touched nearly US$3,843 per ounce, and intra-day trading saw a high close to US$3,871. This dramatic rise was a result of safe-haven buying, continued weakness in the U.S. dollar, and a wave of speculative interest. On September 30, gold ended the month around US$3,855 per ounce, marking one of the best monthly performances in more than a decade.

Global Summary & Key Drivers

Throughout September, the international price of gold increased from around US$3,480 to US$3,855 per ounce, which equates to an approximate gain of 10 to 11 percent over the month. The rally was driven by a combination of economic and geopolitical factors. Heightened uncertainty across financial markets encouraged risk-averse investors to seek safety in gold. The weakening of the U.S. dollar further boosted demand from buyers using other currencies. The possibility of lower interest rates made gold more attractive as an investment. Additionally, central bank accumulation, inflation fears, and rising public and private debt concerns all contributed to the month’s bullish momentum.

Table 1: International Market Gold Price (USD per Ounce)