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Gold price will struggle to reach $5,200/oz in 2026 without strong ETF inflows – Morgan Stanley
Without a meaningful rebound in ETF inflows, gold will have trouble achieving the bullish target of $5,200 per ounce in the second half of 2026, according to commodity strategists at Morgan Stanley. “While central bank gold buying may resume regardless, ETF flows are more sensitive to changes in rate expectations,” analysts Amy Gower and Martijn Rats wrote in a Monday research note. “The missing piece is ETF demand, which is likely to remain sensitive to the Fed path, real yields and the dollar.” The investment bank remains bullish on the precious metal’s long-term outlook, as they expect easing tensions in ... (full story)