Core Viewpoint - Morgan Stanley reports that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, but they believe that prices have not yet peaked, supported by geopolitical risks, positive signals from central banks, and ETF buying [1] Group 1: Market Dynamics - The Polish central bank is shifting to a target for gold reserves based on absolute tonnage rather than a percentage of total reserves, indicating a reduced sensitivity to price [1] - The expectation of interest rate cuts by the Federal Reserve this year is likely to continue supporting ETF buying in precious metals [1] - The surge in Shanghai silver spot prices suggests that the supply tightness may persist [1] Group 2: Future Projections - A bullish scenario for gold is developing, driven by a weakening dollar index, steady physical demand, and ongoing geopolitical risks [1] - Morgan Stanley emphasizes a target of $5,700 per ounce for the bullish market scenario in the second half of 2026 [1]
大摩：金价尚未见顶，下半年牛市情境目标看高至5700美元
Sou Hu Cai Jing·2026-01-26 06:18