Morgan Stanley Sees Gold Soaring Above $5,000 by 2027

The gold price has continued to rise in recent days, holding above $4,500 after a Treasury-led rally. Morgan Stanley and UBS are both optimistic about gold's prospects, with Morgan Stanley targeting prices above $5,000 by 2027.

According to Morgan Stanley analyst Amy Gower, 'gold has reached our Q4 forecast of $4,450/oz faster than expected.' The bank sees a path to >$5,000/oz in 2027, but also notes that there is scope for volatility. UBS is even more bullish, expecting gold to move toward USD 5,200/oz over the next 12 months.

ING Commodities Strategist Ewa Manthey remains constructive on the broader trend, expecting gold to average $4,325 an ounce in 2026. However, there are risks associated with this view, including a hawkish bias from the Federal Reserve and elevated inflation and long-term yields due to higher oil prices.