The next stage for gold will be more difficult, says Morgan Stanley

Although the investment bank maintains a positive view on the fundamentals of gold, its latest research suggests that the next stage of growth will be more difficult.

"Gold is close to all-time highs, just above $3,000 per ounce at the time of writing, up 15% from the beginning of the year, after rising 27% in 2024," wrote Amy Gower, commodity strategist at Morgan Stanley. "We still believe that the gold price has not peaked yet, but the next stage of growth may be slower."

According to Morgan Stanley's long-term nominal forecast, in 2025 the average gold price will be $2,763 per ounce, and by 2030 it will gradually decrease to $2,150 per ounce. The bank remains optimistic in the short term, relying on structural demand from central banks and geopolitical risks.

"Uncertainty tends to support gold demand as a safe haven, whether due to global growth, tariffs, or geopolitics," Gower wrote.