Morgan Stanley says gold could top $5,000/oz in 2027 or sooner after breaking $4,450/oz. The bank cites improving macro conditions that are boosting gold ETF inflows as Fed rate‑hike expectations fade and the dollar weakens, plus strong central‑bank

2026-08-20

Morgan Stanley says gold could top $5,000/oz in 2027 or sooner after breaking $4,450/oz. The bank cites improving macro conditions that are boosting gold ETF inflows as Fed rate‑hike expectations fade and the dollar weakens, plus strong central‑bank buying and firmer physical demand. Gold’s resilience despite elevated long‑term yields points to growing investor concern about fiscal risks, including high government debt and potential currency debasement. Morgan Stanley expects the Fed to keep policy rates unchanged through 2026 but warns upcoming US inflation prints and Fed officials’ remarks could heighten market volatility.