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Updated 22 October 2026 · Source: All-Pakistan Sarafa Association
Gold Futures Price in Pakistan (PMEX) Today
Gold futures in Pakistan trade on the Pakistan Mercantile Exchange (PMEX), the country’s only regulated commodity exchange. At today’s world price of $4,120 an ounce and Rs277.02 per dollar, the theoretical futures value of 1 tola is about Rs427,996, compared with the Sarafa rate of Rs434,536.
Gold Futures Price in Pakistan Today
The gold futures price in Pakistan tracks the international gold price converted into rupees. PMEX can use a theoretical price based on world spot gold and the PKR/USD rate, which today works out to about Rs427,996 per tola, Rs6,540 below the Sarafa bullion rate of 21 October 2026.
| Measure | Today |
|---|---|
| World gold (US$ per troy ounce) | $4,120 |
| Interbank rate (Rs per US$) | Rs277.02 |
| World-price value of 1 tola (11.664 g) | Rs427,996 |
| World-price value of 10 grams | Rs366,944 |
| Sarafa 24K rate per tola | Rs434,536 |
| Difference (local premium) | Rs6,540 (1.5%) |
Actual PMEX prices move through the trading day with bids and offers, so the live screen price can differ slightly from this calculated value.
PMEX Gold Futures Contracts Explained
PMEX lists two families of gold contracts: rupee-priced tola contracts linked to physical gold in Karachi, and dollar-priced ounce contracts that are cash-settled against the international market.
| Contract | Size | Priced in | Settlement | Suits |
|---|---|---|---|---|
| Milli Tola Gold | 0.001 tola (about 0.012 g) | Rs per tola | Account credit; physical withdrawal in 10-tola lots | Small, regular savings |
| One Tola Gold | 1 tola, 995 fineness | Rs per tola | Account credit; physical withdrawal in 10-tola lots | Holding gold without storing it at home |
| Micro Ounce Gold | A fraction of an ounce | US$ per ounce | Cash-settled in rupees | Learning to trade with small positions |
| 1 Ounce Gold | 1 troy ounce | US$ per ounce | Cash-settled in rupees against COMEX | Trading world gold moves |
| 10 and 100 Ounce Gold | 10 or 100 troy ounces | US$ per ounce | Cash-settled in rupees | Larger traders |
| Currency gold (EUR, CHF, AUD) | Gold priced in other currencies | That currency | Cash-settled in rupees | Experienced traders |
Contract details change from time to time; always check the current specification with PMEX or your broker.
How a Gold Futures Trade Works: Step by Step
- You open an account with a PMEX-licensed broker and deposit cash as margin.
- You buy a contract, for example 1 tola of gold, paying only the margin rather than the full value.
- Every trading day the position is marked to market: gains are credited and losses are debited to your account.
- If your balance falls below the maintenance margin, you must add money or the broker can close the position.
- You close the position by selling, or for rupee tola contracts you can keep the gold credit and ask for physical delivery in 10-tola lots.
Margin Example: Buying 1 Tola of Gold on PMEX
PMEX’s one-tola contract requires buyers to hold at least 25% of the value as initial margin and 15% as maintenance margin, in cash. Sellers must already hold gold; short selling is not allowed on this contract.
| Item | Amount (1 tola at today’s world-price value) |
|---|---|
| Contract value | Rs427,996 |
| Initial margin (25%) | Rs106,999 |
| Maintenance margin (15%) | Rs64,199 |
| Price fall before a margin call | About Rs42,800 per tola (10%) |
| Daily price limit | ±5% of the previous settlement price |
If you pay the full value instead of margin, there is no margin call: you simply own the gold credit.
PMEX Futures vs Sarafa Gold vs Buying Physical Gold
| PMEX gold futures | Sarafa bullion (bars) | Jewellery | |
|---|---|---|---|
| Price basis | World price × dollar rate | Daily APGJSA rate (includes local premium) | Karat rate + making charge |
| Smallest amount | 0.001 tola | Usually 1 gram bar | About 1 gram |
| Trading hours | Monday–Friday, about 5 am to 2 am | Shop hours | Shop hours |
| Storage | Held in the exchange’s system or approved vault | At home or in a locker | Worn or stored |
| Selling cost | Brokerage and exchange fees | Small dealer margin | Kat and lost making charges |
| Leverage | Yes, with margin | No | No |
For physical options, compare the gold bar price and gold coin price; for the daily bullion rate, see the Sarafa Bazar gold rate.
Taking Physical Delivery of PMEX Gold
- Physical withdrawal is available for rupee tola contracts once you hold at least 10 tola, or multiples of 10 tola.
- The gold comes as bars of at least 995 fineness that meet the exchange’s good-delivery standard.
- You must give about five working days’ notice to withdraw from the exchange-approved vault.
- Dollar-priced ounce contracts are cash-settled only; they never deliver metal.
Risks of Trading Gold Futures
| Risk | What it means |
|---|---|
| Leverage | With 25% margin, a 10% price fall wipes out 40% of your deposit |
| Currency | Rupee value of dollar contracts moves with the PKR/USD rate |
| Overnight moves | World gold trades while you sleep; prices can gap at the open |
| Margin calls | You may need to add cash quickly or lose the position |
| Costs | Brokerage, exchange fees and taxes reduce returns on frequent trading |
Futures are trading instruments, not savings products. This page is information only and not investment advice.
How to Start Trading Gold on PMEX
- Choose a broker licensed by PMEX and regulated by the Securities and Exchange Commission of Pakistan (SECP).
- Complete the account opening form with your CNIC and bank details, and the broker’s risk disclosure.
- Deposit margin through your bank to the broker’s client account, never in cash to an individual.
- Start with a small contract such as Milli Tola or Micro Ounce while you learn how margin works.
- Use the broker’s trading app or terminal, and check daily statements of your positions and margin.
Gold Futures in Pakistan: Frequently Asked Questions
What is the gold futures price in Pakistan today?
At today’s world price and dollar rate, 1 tola of gold is worth about Rs427,996 on a world-price basis; live PMEX prices move through the day.
Where can I trade gold futures in Pakistan?
On the Pakistan Mercantile Exchange (PMEX), through a licensed broker.
Is PMEX gold the same price as the Sarafa rate?
Not exactly. PMEX follows the world price, while the Sarafa rate includes a local premium, about Rs6,540 per tola today.
How much margin is needed for 1 tola of gold on PMEX?
At least 25% of the value, about Rs106,999 today, with 15% maintenance margin.
Can I get physical gold from PMEX?
Yes, for rupee tola contracts, in lots of 10 tola with about five working days’ notice.
Is gold futures trading halal?
Scholars differ on futures and margin trading; consult a qualified scholar if this matters to you.
Related Gold Rates and Tools
Rates are for information only and exclude making charges, kat and dealer premiums. Not investment advice. See our disclaimer and methodology. Official daily rate source: All-Pakistan Sarafa Gems and Jewellers Association rates (Business Recorder).