State Bank of Pakistan Holds 2.08 Million Ounces of Gold Worth Rs 2.33 Trillion, Its Accounts Show
The SBP held 2,084,131 troy ounces of gold on 30 June 2026, about 64.8 tonnes and 5.56 million tolas, valued at Rs 2,334 billion. See how it counts it.
Short answer: The State Bank of Pakistan's accounts show it held 2,084,131 troy ounces of gold on 30 June 2026. That is about 64.8 tonnes, or 5.56 million tolas. The SBP valued it at Rs 2,334.0 billion, using a London price of US$ 4,026.05 an ounce.
Gold prices make the news every day. The gold the central bank itself holds gets far less attention, yet it is a large item in the central bank accounts. Those accounts say how much there is, how the SBP counts it and what happened to it in FY26.
We downloaded the SBP's Annual Financial Statements 2025-26 on 12 October 2026 and read note 6, "Gold reserves held by the Bank", with the policy note 4.4 and note 15 on assets held with the Reserve Bank of India. The statements are dated 27 August 2026. Amounts are printed in thousands of rupees, and we converted them to billions.
The SBP held 2,084,131 troy ounces of gold on 30 June 2026
Note 6 shows the closing quantity at 2,084,131 troy ounces, up from 2,081,886 a year earlier. The SBP added 2,245 ounces during FY26. The valuation at 30 June 2026 was Rs 2,334.0 billion, against Rs 1,942.1 billion a year before.
A troy ounce is 31.1035 grams, the unit London uses. So 2,084,131 ounces is about 64,823 kilograms, or 64.8 tonnes. In Pakistan's local unit, the tola of 11.664 grams, that comes to about 5.56 million tolas.
| Gold held by the SBP | 30 June 2025 | 30 June 2026 |
|---|---|---|
| Quantity, troy ounces | 2,081,886 | 2,084,131 |
| Added during the year, troy ounces | 1,925 | 2,245 |
| London price used, US$ an ounce | 3,287.45 | 4,026.05 |
| Value, Rs billion | 1,942.1 | 2,334.0 |
| Revaluation gain for the year, Rs billion | 591.2 | 389.1 |
Almost all of the rise in value came from the gold price
The quantity rose by only 2,245 ounces, or 0.1 per cent. The value rose 20.2 per cent, or Rs 391.9 billion. The rest is the revaluation gain of Rs 389.1 billion, as the London price moved from US$ 3,287.45 to US$ 4,026.05 an ounce, a rise of 22.5 per cent.
That gain does not go through the profit and loss account. Policy note 4.4 says the SBP values gold at the London Bullion Market Association price on the last working day of the year, as section 30(2) of the SBP Act requires. The gain is taken to equity through other comprehensive income. So the Rs 1,990 billion profit in our piece on the SBP profit for FY26 does not include it.
The SBP's year-end value works out below the October tola rate
Dividing the value by the quantity gives about Rs 1,119,900 an ounce, or about Rs 420,000 a tola. This is our arithmetic. It sits below the tola rate that the sarafa market quoted in October. Two things differ: the date (30 June against 10 October) and the market (the London price against a local rate).
The implied rupee rate is about Rs 278.2 to the dollar. For comparison, our page on the gold rate on 10 October carries the reported local tola price of Rs 442,036 and an international price of US$ 4,195 an ounce. At that international price, the same ounces would be worth about US$ 8.74 billion, or 4.2 per cent more than the SBP's year-end value. That figure is our arithmetic, not an SBP number.
Our explainer on why gold rate sites show different prices sets out why a local tola price, a bank valuation and a London price differ.
| Measure | Value |
|---|---|
| Holding, troy ounces | 2,084,131 |
| Holding, tonnes (our arithmetic) | 64.8 |
| Holding, tolas (our arithmetic) | 5.56 million |
| SBP valuation, 30 June 2026 | Rs 2,334.0 billion |
| Same in US dollars (our arithmetic) | US$ 8.39 billion |
| Implied value a tola (our arithmetic) | About Rs 420,000 |
The gold backs banknotes, and its book cost is small next to its value
The SBP holds this gold in its Issue Department, which means it is one of the assets behind banknotes in circulation. It is 18.4 per cent of that backing. Almost all of its value is accumulated revaluation, because the original cost on the books is small.
Equity carries unrealised appreciation on gold of Rs 2,324.3 billion. Subtracting it from the Rs 2,334.0 billion valuation leaves about Rs 9.7 billion. That suggests the original cost on the books is small next to today's price. It is our reading of two printed numbers, not a figure the SBP states.
Our piece on banknotes in circulation and what backs them lists the other assets in that backing.
Gold held with the Reserve Bank of India is kept apart
Note 15 shows Rs 37.6 billion of gold held with the Reserve Bank of India, up from Rs 31.3 billion. The accounts say these assets were allocated to Pakistan under a 1947 order and that their transfer depends on a final settlement between the governments of Pakistan and India.
The SBP does not count the revaluation of that gold as a gain. It books a matching provision against it, so the Rs 6.3 billion of appreciation for FY26 shows up as a provision and not as profit or equity. The quantity of that gold is not stated in the notes we read.
- Open the SBP Publications page and download Annual Financial Statements 2025-26.
- Read the unconsolidated balance sheet line "Gold reserves held by the Bank".
- Turn to note 6 for the ounces, the additions and the revaluation gain.
- Read policy note 4.4 for how the gold is valued.
- Read note 15 for the gold held with the Reserve Bank of India.
Common questions
How much gold does the State Bank of Pakistan hold?
The accounts show 2,084,131 troy ounces on 30 June 2026, which is about 64.8 tonnes. That excludes gold held with the Reserve Bank of India, whose quantity the notes do not state.
What is the SBP's gold worth?
The SBP values it at Rs 2,334.0 billion at 30 June 2026, using US$ 4,026.05 an ounce. At other prices the value changes with the London price.
Did the SBP buy gold in FY26?
It added 2,245 troy ounces in FY26, against 1,925 in FY25. The additions cost Rs 2.8 billion at the prices of the time.
Is the SBP's gold part of the US$ 21 billion reserves figure?
We could not confirm this from the accounts, so we do not say. The SBP defines its weekly reserves figure on its own page, and that definition is the one to check.
Why is the SBP's valuation below the tola rate in shops?
Two things differ: the date and the market. The SBP values gold at the London price on 30 June, while the tola rate is a local sarafa rate for a later day. Our explainer on the tola rate covers the difference.
Does the gold gain count as SBP profit?
No. The accounts take it to equity through other comprehensive income. It sits outside the Rs 1,990 billion profit.
How we verified this
What we checked, where we read it, and what we could not confirm.
We read note 6, policy note 4.4, note 15, note 20.1 and note 32 of the SBP Annual Financial Statements 2025-26 on 12 October 2026 at sbp.org.pk. The tonnes, tolas, dollar value and implied tola price are our arithmetic. The international price of US$ 4,195 and the local tola rate come from reported rates, which we could not read on an official page.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
