Gold price warns of slowing down price increase

Morgan Stanley (a US multinational financial services and investment banking corporation headquartered in New York) said on Tuesday that gold prices are likely to increase more slowly in 2026, as central banks and exchange-traded funds (ETFs) slow down their buying pace.

However, interest rate cuts along with a weakening USD are expected to continue to support the upward trend of this precious metal.

The bank expects gold prices to reach $4,800/ounce in the fourth quarter, with supporting factors including strong retail demand in China, increased central bank buying and concerns about global economic growth.

Meanwhile, silver is expected to move less than gold. Morgan Stanley believes that 2025 will mark the highest supply deficit for silver, before demand declines in 2026 due to slowing down in solar power installation.

For other precious metals, Morgan Stanley forecasts platinum prices to reach 1,775 USD/ounce and palladium to reach 1,325 USD/ounce in 2026, reflecting the structural imbalances of the market and various supply-demand factors.