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Major banks see gold pushing toward new highs as central-bank demand, geopolitics and prospective Fed easing reinforce bullion’s appeal.Summary:Morgan Stanley sees gold reaching $5,700/oz in H2Geopolitical risk and central-bank buying drive demandETF inflows expected to strengthen as rates easeFed rate cuts in 2026 seen as supportive tailwindSociété Générale forecasts gold at $6,000/ozMorgan Stanley expects gold prices to extend their rally into the second half of the year, forecasting bullion could reach US$5,700 per ounce, underpinned by a powerful mix of geopolitical risk, sustained central-bank buying, and renewed investor inflows.The bank argues that gold’s traditional safe-haven appeal remains firmly intact amid elevated geopolitical uncertainty and persistent fragmentation in global trade and financial systems. Central-bank demand continues to act as a structural pillar, with purchases remaining resilient even at historically high price levels. Morgan Stanley highlighted Poland’s recent accumulation as emblematic of a broader trend among emerging and mid-sized economies seeking to diversify reserves away from traditional currency assets.Investor demand is also re-emerging as a supportive factor. Morgan Stanley expects exchange-traded fund inflows to strengthen as financial conditions ease and real yields soften, particularly if global monetary policy pivots toward accommodation.Looking ahead, the bank sees prospective Federal Reserve rate cuts in 2026 as an additional tailwind, lowering opportunity costs and reinforcing physical demand from both institutional and private investors. Against this backdrop, Morgan Stanley views gold’s rally as fundamentally driven rather than purely speculative.The bullish outlook is echoed elsewhere on the Street. Société Générale sees gold climbing even further, projecting prices could reach US$6,000 per ounce by year-end, citing similar demand dynamics and a growing appetite for hard assets amid currency and geopolitical uncertainty.Taken together, the forecasts reinforce the view that gold’s role is shifting from cyclical hedge to strategic allocation, with central-bank behaviour and policy uncertainty anchoring demand well beyond traditional inflation-driven cycles.—if you are sick of gold, perhaps a look at silver?
This article was written by Eamonn Sheridan at investinglive.com.
💡 DMK Insight
Gold’s upward trajectory is gaining momentum, and here’s why traders should pay attention: With major banks like Morgan Stanley projecting gold to hit $5,700/oz in the second half of the year, the combination of central-bank demand and geopolitical tensions is creating a perfect storm for bullion. As the Fed signals potential easing, the appeal of gold as a safe haven is likely to attract more ETF inflows, which could further drive prices up. Traders should be on the lookout for key resistance levels, particularly around the $2,000 mark, which has historically been a psychological barrier. If gold can break through this level, it could open the floodgates for more buying. However, it’s worth noting that while bullish sentiment is strong, any unexpected geopolitical developments or a faster-than-anticipated Fed tightening could trigger volatility. Keep an eye on the Fed’s upcoming meetings and any shifts in economic indicators that might affect their rate decisions. Monitoring ETF inflows will also provide insight into market sentiment and potential price movements. The next few months will be crucial for positioning ahead of the projected highs.
📮 Takeaway
Watch for gold to break the $2,000 level; sustained movement above this could signal a rally toward Morgan Stanley’s $5,700 target in H2.
