The price of gold climbed again on Thursday, with both global bullion rates and local market values pushing the yellow metal to higher levels amid continued demand and broader trends in international markets.

In the international bullion market, the price of gold per ounce rose by $22 to reach $4,334, prompting gains in local bullion markets as well. As a result, the price of 24‑carat gold in Pakistan increased by Rs2,200 to settle at Rs455,762 per tola, according to the All‑Pakistan Gems and Jewellers Sarafa Association. Likewise, the price of gold per 10 grams rose by Rs1,800 to Rs390,742.

Meanwhile, silver also registered gains: the price of silver per tola climbed by Rs78 to Rs6,900, and the price per 10 grams rose by Rs67 to Rs5,915.

The ongoing rise in gold prices comes against a backdrop of strong international demand and broader safe‑haven buying, even as some analysts suggest the current rally could moderate next year. Morgan Stanley has projected that while gold may continue to trend higher, gains could slow in 2026 with prices possibly peaking between $5,000 and $5,500 per ounce after an extraordinary rally over the past two years.

Read: Gold rally to slow next year

The firm notes that central bank buying and global economic conditions remain supportive, but technical indicators point to a likely consolidation phase for precious metals in the months ahead. 

Gold’s rally has been underpinned by robust investor interest globally, with bullion attracting safe‑haven flows amid economic and geopolitical uncertainty. Local markets in Pakistan have largely mirrored international trends, with gold maintaining elevated levels despite occasional short‑term fluctuations. 

Analysts say that in addition to global factors, domestic demand and currency movements can also influence local gold rates, making the precious metal a continued focus for investors and consumers alike.