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Gold’s Biggest Risk? Peace in Ukraine, Says Morgan Stanley

Gold’s Biggest Risk? Peace in Ukraine, Says Morgan Stanley

Morgan Stanley warns that a potential Trump-brokered peace deal between Russia and Ukraine could be the biggest threat to gold’s bull run, potentially sending prices down 17% to $2,400 per ounce.

The bank attributes gold’s 50% surge since 2022 primarily to increased central bank buying, which doubled to over 1,000 tonnes annually following Russia’s invasion.

While their base case maintains gold at $2,850, the bank cautions that a peace deal could significantly reduce central banks’ appetite for the precious metal.

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