ISLAMABAD: A leading global financial institution Morgan Stanley is seeing gold prices soaring to record highs in the next few years.
The report outlines that by mid-2026, gold prices could be as high as $4,500 per ounce compared to approximately $4,000 per ounce currently. Besides a gloomy economic outlook worldwide that has propelled gold as a safe haven of investment to which investors have flocked, the report also points out that the purchases of gold by Central Banks (CBs) and Exchange Traded Funds (ETFs) account for most of the price rise.
According to the report, the recent gold price surge has pushed the metal into the overbought zone from where a slight recovery followed thus stabilizing the market. Morgan Stanley also anticipates that a reduction in rates will encourage investors to issue more gold-backed ETFs while purchases from central banks will be running at a slower pace.
According to the report, investors might get on the wrong side of the market and consider other assets if price volatility continues, and hence this could lead to a decline in the demand of gold by central banks and so the price will fall.
Just in 2025, the price of gold has gone up by 54%, reaching a record of $4,381.21 per ounce in October 2025, before retreating by more than 8%.
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Moreover, gold forecasted by other banks, are bullish as well. Bank of America estimates the gold price in 2026 to be $5,000 per ounce, J.P. Morgan to $5,055 on average, whereas Societe Generale and Goldman Sachs have their targets at $5,000 and $4,900, respectively.’
How much gold prices increased in Pakistan?
Gold prices in the local and international markets have increased; the price of gold per tola went up by Rs1,300 in Pakistan on Monday.
with the price of ten grams rising by Rs1,115 and one tola by Rs1,300.
In the local bullion market, the price of gold per tola went up by Rs1,300 to Rs423,862, while the price of ten grams has risen by Rs1,115, reaching Rs363,393
In the international market, the prices rose by $13 to $4,015 per ounce.
Silver prices also climbed, with one tola reaching Rs5,152 after an increase of Rs25.
It is worth noting that on the last business day, November 1, gold prices had declined in both global and local markets. On that day, gold dropped by $16 in the international market to $4,002 per ounce, while in the local market, the price of one tola fell by Rs 1,600 to Rs 422,562.
The price of ten grams of gold also decreased by Rs 1,372 to Rs 362,278, and one tola of silver fell by Rs 65 to Rs 5,127.
