Gold and equities emerged as the top-performing asset classes in Pakistan in 2025, delivering significantly higher returns than fixed-income instruments, real estate, and foreign currency holdings, according to a review by Topline Pakistan Research.
Gold recorded the strongest performance, posting a return of 73% between January 1 and December 24, 2025. Local gold prices rose from Rs233,711 per 10 grams to Rs405,402 per 10 grams during the period. In the international market, gold prices increased from $2,612 per ounce at the end of 2024 to $4,503 per ounce by December 26, 2025.
The KSE-100 Index ranked as the second-best performing asset class, rising 48% from January 1 to December 24, 2025, with four trading sessions still remaining in the year. The return includes dividends paid during the period.
Real estate, traditionally viewed as a preferred investment option in Pakistan, delivered comparatively moderate gains. According to Zameen.com data cited by Topline, average prices of commercial and residential plots increased by 18% in DHA Karachi and 15% in DHA Lahore. House prices in both cities rose by an average of 8%.
Returns on Naya Pakistan Certificates under the Roshan Digital Account were mixed. The PKR-denominated certificate generated a return of 22% in 2025, although profit rates were revised downward to 13% in March. The US dollar-denominated certificate delivered a return of 10% during the year.
The US dollar remained a weak performer for local investors. Similar to 2024, returns stood at around 1% , as the interbank exchange rate moved from Rs278 to Rs280, while the open market rate increased from Rs280 to Rs281. The brokerage firm noted that a one-year US dollar term deposit could have yielded a higher return of 3 to 4%, assuming deposit rates of 2 to 3%.
Fixed-income and low-risk investment avenues posted relatively lower returns amid easing monetary conditions. The average bank savings rate remained around 9%, while National Savings’ three-year Special Savings Certificate offered a return of 12%. Money market funds managed by local asset management companies generated an average return of 11% during the year.
Government securities also delivered moderate returns. Pakistan Investment Bonds provided a return of 14%, while T-bill investors earned around 12%. The estimate assumes investment in actively traded three-month T-bills with quarterly reinvestment, while one-year T-bill investors also recorded returns of about 12% in 2025.
