Morgan Stanley Eyes $2,700/oz for Q1 2025

Morgan Stanley forecasts gold prices to stabilize around $2,700/oz in Q1 2025, following a recent rally to record highs. While strong physical demand and rate cut expectations drove prices up, signs of weakening demand and macroeconomic uncertainties may limit further gains. Central bank purchases and ETF flows remain supportive, but slowing physical demand and increased supply could cap gold's upside potential.