Morgan Stanley Hikes Gold Forecast to $3,800, Favors Silver and Copper

Morgan Stanley has raised its gold price forecast for Q4 2025 to $3,800 per ounce, citing a weakening U.S. dollar, potential inflation pressures, and ongoing global uncertainty. The bank says it favors gold, silver, and copper futures as top picks in the metals sector.

The report also notes that stimulus from China and investor demand—particularly via ETFs and central banks—could help drive gold even higher. However, the bank cautions that new U.S. tariffs and global trade tensions may increase industrial costs and add volatility to the outlook. Jewelry demand may improve as consumers adjust to higher prices.