Pakistan’s annual gold demand remains exceptionally high at 60 to 90 tons—worth an estimated $8 to $12 billion—with more than 90% of the trade occurring through informal channels, according to a new report by the Competition Commission of Pakistan (CCP). Cultural traditions, weddings, and religious festivals continue to drive strong year-round demand, as gold is widely valued for its symbolic and financial security. With domestic production minimal, Pakistan relies heavily on imports, which are then circulated through both licensed jewelers and unregulated markets. The dominance of informal trading makes monitoring transactions and tax collection difficult, yet many buyers prefer it for easier access and lower costs.