Morgan Stanley sees gold at $4,800 by year-end

Morgan Stanley expects gold prices to reach $4,800 per ounce by the fourth quarter of this year, surpassing the record levels the precious metal hit in 2025.

The US bank attributed its outlook to lower interest rates, an anticipated change in leadership at the Federal Reserve, and continued buying by central banks and investment funds.

It also said recent events in Venezuela over the weekend could draw investors to gold as a safe-haven asset.

Gold gained 64% in 2025, marking its best annual performance since 1979, as demand surged amid economic uncertainty and heightened geopolitical tensions.