Morgan Stanley flags slower gains for gold in 2026, sees $4,800/oz by fourth quarter

Dec 16 (Reuters) - Morgan Stanley on Tuesday projected gold prices would see smaller gains in 2026 as central banks and exchange-traded funds reduce purchases, but anticipated rate cuts and a weaker dollar would sustain upward momentum.

The bank forecast gold prices at $4,800 an ounce by the fourth quarter, citing stronger Chinese retail demand, heightened central bank buying and global growth concerns as among positive factors.

Silver is expected to lag gold, with 2025 marking a peak deficit amid falling solar installations in 2026.

Morgan Stanley forecasts platinum at $1,775 an ounce and palladium at $1,325 an ounce in 2026, reflecting structural imbalances and varying demand drivers.

Reporting by Anmol Choubey in Bengaluru; Editing by Jan Harvey

Reuters

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Morgan Stanley flags slower gains for gold in 2026, sees $4,800/oz by fourth quarter

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