Gold is aiming for $4,500. Morgan Stanley predicts a record in 2026.
Gold prices still have fuel to rise, according to a Friday analysis from Morgan Stanley. The bank estimates the precious metal could reach around $4,500 per ounce by mid-2026, pointing to continued demand from gold ETFs and central banks amidst economic uncertainty, Reuters reports.
The report indicated that the earlier sharp price increase led to a short-term overheating of the market, as indicated by indicators such as the RSI. However, the recent correction cooled the situation, realigning investor positions and bringing prices to healthier, more sustainable levels.
Gold prices rise in the shadow of geopolitical tensionsMorgan Stanley predicts that as interest rates fall, investors will continue to pour money into gold-backed ETFs. Central banks are expected to maintain purchases of the metal, albeit at a slightly slower pace, and demand for jewelry should stabilize. However, analysts note risks, including increased price volatility, which could discourage some investors, and the possibility that some central banks will reduce their gold reserves.
Gold prices have already risen by over 54% in 2025, breaking further records. The all-time high of $4,381.21 per ounce was recorded on October 20. Since then, prices have retreated by over 8%. This year's bull market was fueled by factors including geopolitical tensions, expectations of rate cuts, increased central bank purchases, and strong demand for gold-backed ETFs.
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