[Morgan Stanley: ETF Demand is the Key Variable for Gold Reaching $5,200] Odaily Planet Daily News - Morgan Stanley stated that without a significant rebound in ETF inflows, its bullish target of gold reaching $5,200 in the second half of the year will become increasingly difficult to achieve. Morgan Stanley analysts commented: 'Although central bank gold purchases may continue, ETF fund flows are more sensitive to changes in interest rate expectations. The missing link is ETF demand, which may remain sensitive to the Federal Reserve's policy path, real yields, and the U.S. dollar.' Morgan Stanley remains optimistic about gold's long-term outlook, as easing tensions in the Middle East and falling oil prices help alleviate inflation concerns. However, the Federal Reserve's hawkish tone at its most recent meeting reinforced expectations that interest rates will remain elevated for a longer period, increasing the opportunity cost of holding non-yielding assets like gold. (Jin10)