PANews reported on October 31 that Morgan Stanley said on Friday that gold prices are on track to rise to $4,500 per ounce by mid-2026 (previously projected to reach $4,500 in the second half of 2026) due to strong physical demand from ETFs and central banks, as well as continued uncertainty about the economic outlook. In a report, Morgan Stanley noted, "Recent gold price movements have pushed it into 'overbought' territory on the Relative Strength Index (RSI), but the recent pullback has brought it back to healthier levels, potentially clearing market positions." The bank expects continued buying of gold ETFs as interest rates decline, along with continued central bank purchases, albeit at a slower pace, while jewelry demand is expected to stabilize. However, Morgan Stanley also warned of downside risks, including potential price volatility that could prompt investors to shift to other asset classes, or central banks deciding to reduce their gold reserves.