[Morgan Stanley Predicts Gold Prices May Rise to $4,500 by Mid-2026] Morgan Stanley stated that due to strong physical demand for gold ETFs and central banks, as well as economic uncertainty, gold prices are expected to rise to $4,500 per ounce by mid-2026. Morgan Stanley noted that recent gold price movements had entered the Relative Strength Index (RSI) 'overbought' zone but have returned to healthier levels after a pullback. The bank predicts that declining interest rates will drive continued buying of gold ETFs, and central banks will continue purchasing gold, though the pace may slow, while jewelry demand is expected to stabilize. At the same time, Morgan Stanley warned that downside risks remain, including price volatility potentially leading investors to shift to other assets or central banks reducing their gold reserves.