Morgan Stanley has raised its gold outlook, now seeing a path above $5,000 an ounce in 2027 after gold reached its prior fourth-quarter target of $4,450 faster than expected. Analyst Amy Gower wrote that the bank expects the Federal Reserve to hold rates steady through the remainder of 2026, with falling rate expectations, dollar weakness, and central-bank demand supporting the rally. Gold futures closed above $4,500 on Thursday, with August Comex gold rising 0.6% to $4,516.30 an ounce, while August silver futures climbed 3.5% to $68.026. Morgan Stanley said improving macro conditions are pulling more money into gold ETFs, and gold's resilience despite elevated long-term Treasury yields suggests investors are increasingly hedging against fiscal risks, heavy government debt, and potential currency devaluation. The bank cautioned that the path to $5,000 is unlikely to be straight, with a renewed inflation shock or stronger dollar posing risks.
Morgan StanleyMorgan Stanley raises gold outlook, boosting its commodities research credibility
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