[Morgan Stanley: Gold Hits $4,450 Target Price, Supported by Central Bank Purchases and Fiscal Concerns] According to Deep Tide TechFlow, citing research from Tide Trends, Morgan Stanley's August 20 report indicated that gold has reached its fourth-quarter target price of $4,450 per ounce. From July to August, the probability of a Federal Reserve rate hike decreased, leading to a net inflow of 70 tons into gold ETFs, reversing the net outflow of 93 tons from May to June. The People's Bank of China purchased 60 tons of gold this year, marking the highest level since 2023, while Poland increased its holdings by 82 tons, bringing its total reserves to 632 tons, nearing its target of 700 tons. Morgan Stanley believes that gold prices are decoupling from the real interest rate framework. The continuous gold purchases by central banks, the decline in COMEX short positions to their lowest level since April 2020, and fiscal concerns driving a steepening yield curve collectively form new structural support. It is projected that gold prices could surpass $5,000 per ounce by 2027, though U.S. inflation data remains the primary short-term volatility risk.