Morgan Stanley, one of the leading US investment banks, predicts ounces of gold will reach a new record in the last quarter of 2026.
Morgan Stanley predicts that gold will reach $4,800 an ounce in the fourth quarter of this year, citing falling interest rates, a possible leadership change at the US Federal Reserve and purchasing activity by central banks and funds.
In a Jan. 5 note, the bank said developments in Venezuela over the weekend could also increase safe-haven demand, but did not directly cite this factor as a reason for its price forecast.
On the silver front, Morgan Stanley notes that 2025 is the year the supply deficit will peak and that China's export licensing that took effect earlier this year has increased upside risks for silver. Silver posts the strongest annual gain, up 147% in 2025.
For base metals, the bank emphasized aluminum and copper due to limited supply and growing demand.
