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.