gold prices are expected to climb to new record highs by the end of this year. Morgan Stanley predicts that by the fourth quarter of 2026, gold prices will reach $4,800 per ounce, as falling interest rates, central bank gold purchases, and ongoing geopolitical risks will continue to drive demand for this traditional safe-haven asset.

Morgan Stanley stated in its report that recent events in Venezuela may strengthen gold's appeal as a store of value, although the bank did not use these developments as a formal basis for its $4,800 forecast.

JPMorgan recently also raised its gold price outlook, predicting that by the fourth quarter of 2026, gold prices will reach $5,000 per ounce, with a long-term target of $6,000.