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2025-12-16 17:56:29
[Gold and Silver Divergence: The Logic Behind Precious Metals – Slower Central Bank Gold Purchases and Peak Industrial Demand] ⑴ Morgan Stanley predicted on Tuesday that gold price gains will narrow in 2026 as central banks and exchange-traded funds (ETFs) reduce their purchases. ⑵ However, the bank believes that anticipated Fed rate cuts and a weaker dollar will provide sustained upward momentum for gold prices. ⑶ The institution expects a gold price target of $4,800 per ounce by the fourth quarter of 2026, supported by factors including stronger Chinese retail demand, central bank purchases, and global growth concerns. ⑷ Meanwhile, Morgan Stanley expects silver to underperform gold in 2026. ⑸ The bank's reasoning is that a decline in solar equipment installations is expected in 2026, causing silver shortages to peak in 2025. ⑹ For other precious metals, the bank forecasts a platinum price target of $1,775 per ounce and a palladium price target of $1,325 per ounce in 2026. (7) This forecast reflects the structural supply-demand imbalance in the platinum group metals market and the changing demand drivers.
