Morgan Stanley expects the price of gold to surge to $5,700 in the second half of the year.

Morgan Stanley expects that with the increasing geopolitical uncertainty and support from central banks and ETF buying, the price of gold may reach $5,700 per ounce in the second half of the year. Analysts at this American bank said, "We believe that the price of gold has not yet peaked." Recent trends in central bank purchases indicate that gold is increasingly seen as a major competitor to the US dollar in reserves. "We have always assumed that central banks mainly view the level of gold holdings as a percentage of reserves, which means that as prices rise, purchases will decrease." However, Poland recently decided to increase its gold target, indicating that the country will continue to make purchases in absolute terms despite high prices. If other central banks follow suit, the momentum for large purchases may continue. Meanwhile, ETF demand remains strong, especially in North America and Asia. Morgan Stanley stated that with the backdrop of a possible Fed rate cut in 2026, strong physical gold demand is expected to continue.