Morgan Stanley(US:MS) Xin Lang Cai Jing·2025-12-16 11:04Core Viewpoint - Morgan Stanley predicts that gold price growth will slow down by 2026 due to reduced purchases by central banks and exchange-traded funds, but expected interest rate cuts and a weaker dollar will maintain upward momentum for gold [1] Group 1: Gold Market - By Q4 2026, gold prices are expected to reach $4,800 per ounce, driven by increased retail demand in China, stronger central bank purchasing power, and global growth concerns [1] - The anticipated decline in purchases by central banks and ETFs will contribute to a moderation in gold price growth [1] Group 2: Silver Market - Silver's performance is expected to lag behind gold due to a projected decrease in solar equipment installations by 2026, leading to a peak in silver shortages by 2025 [1] Group 3: Platinum and Palladium - Platinum prices are forecasted to be $1,775 per ounce by 2026, while palladium prices are expected to reach $1,325 per ounce, reflecting structural imbalances and changes in demand drivers [1]