Pakistan's Gold Reserves Fall 11.4% in June Amid Iran War Impact on Emerging Markets

According to Kitco News, Pakistan's gold reserves declined 11.4% from May to June 2026, falling to $8.39 billion from $9.47 billion, the State Bank of Pakistan reported. The latest data reflects the ongoing impact of the U.S.-Iran conflict, which began in the first quarter of 2026, on emerging market central banks' gold holdings and reserve management strategies.

Russia's central bank also reported declining gold reserves, with holdings dropping by 43.5 tonnes in the first half of 2026, bringing total reserves to 2,282 tonnes as of early July. Meanwhile, Azerbaijan's State Oil Fund suspended gold sales in the second quarter, citing high volatility in global financial and energy markets triggered by the Iran conflict.