Silver prices in 2025 saw a significant rally, driven by factors like inflation, geopolitical instability, and strong investment/industrial demand, with price settling around $72/ounce by year-end. In Pakistan, silver outperformed gold in precious metals market, delivering nearly double the returns of gold amid a sharp surge in prices.
According to rates released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), silver closed the final trading session of 2025 at Rs7,718 per tola, marking a 130% increase from Rs3,350 per tola on December 31, 2024.
Gold also generated strong returns for investors in Pakistan. By the end of the calendar year, gold prices stood at Rs456,962 per tola, up from Rs272,600 per tola at the end of 2024, reflecting a 68% increase during 2025.
Silver further benefited from its designation by the United States as a critical mineral, ongoing supply disruptions and low inventories, while continued buying by central banks helped support gold prices.
In global markets, precious metals were among the strongest-performing commodities in 2025. Silver outpaced most major equity indices and currencies, while gold climbed to record highs amid economic and geopolitical uncertainties.
During the year, silver prices surged by 161%, crossing the $80-per-ounce mark for the first time, while gold recorded a 66% increase.
In 2025, the United States formally added silver to its list of critical minerals, intensifying demand pressure on an already supply-constrained metal and raising the likelihood of tariffs being imposed on silver.
