Morgan Stanley expects gold price to break $5,000 by 2027

English summary

Morgan Stanley believes that after gold breaks above $4,450/oz, prices could exceed $5,000 by 2027 or earlier. The bank cites improved macro environment boosting gold ETF demand, strong central bank buying and physical demand, with high long-term yields but rising fiscal risk concerns. It expects the Fed to hold rates until 2026, while upcoming inflation data and Fed speeches may increase volatility.