Gold (GCZ26) has had quite the year in 2026 so far. As we near the end of August, the yellow metal has moved through its share of twists and turns, but the broader trend remains firmly upward. Spot gold is now holding around the $4,700-an-ounce mark after gaining over 17% in August alone so far, making it the metal’s best month so far this year, apart from January’s 13% jump. Softer U.S. economic data, fading expectations for another Federal Reserve rate hike, a weaker dollar (DXY00) and renewed demand from investors and central banks have all helped push prices higher.
But how far can gold go from here? Morgan Stanley believes there could be considerably more room to run. The bank sees gold breaking above $5,000 an ounce in 2027, although it expects the journey to be anything but smooth.
