[Morgan Stanley: Gold Prices Expected to Surpass $5,000 by 2027] According to Jinshi reports, Morgan Stanley believes that after gold prices surpass $4,450 per ounce, they are likely to exceed $5,000 by 2027 or earlier. The firm stated that the improving macroeconomic environment is boosting demand for gold ETFs, as market expectations for Federal Reserve rate hikes gradually fade and the U.S. dollar weakens. Strong central bank purchases and stronger physical demand are also further supporting gold prices. Despite high long-term yields, gold prices remain resilient, which also indicates growing investor concerns about fiscal risks, including high government debt and potential currency devaluation risks. Morgan Stanley expects the Federal Reserve to maintain interest rates unchanged until 2026 but also warns that upcoming U.S. inflation data and statements from Fed officials could intensify market volatility.