Daiwa Securities: Still bullish on the future of gold prices, expecting the price to reach $5,200 per ounce in the second half of the year.

Morgan Stanley released a research report stating that since the outbreak of the Middle East conflict, the price of gold has seen selling off, causing investors to doubt its safe-haven role. Morgan Stanley believes that the weakness in the price of gold reflects the type of impact rather than a loss of safe-haven appeal. Gold may still be sensitive to real yields, but they believe there is still room for upside in the future. Morgan Stanley also pointed out that the impact of supply shocks on interest rates is different from demand shocks, and the relationship between gold and real yields is returning. Physical sales from central banks and ETFs have brought additional pressure, but this situation is easing. The bank remains bullish on the future market and predicts that the price of gold in the second half of 2026 will be $5,200 per ounce.