Morgan Stanley Forecasts Gold $5,200/oz Amid Volatility

Morgan Stanley analysts say gold remains 10% below pre‑conflict levels and its safe‑haven role is under question.
Gold’s 90% correlation with the S&P 500 over the past six months and rising bond yields reduce its appeal.
Central banks sold 52 tonnes (Turkey) and delayed purchases, while India postponed bullion imports, and ETFs liquidated ~90 tonnes in March.
Morgan Stanley projects gold to reach $5,200 per ounce in H2 2026, with downside risks from conflict escalation and equity‑market margin calls.