Gold Price Will Break $5,000/Oz In H2 2027, And Silver’s Run To $120 Was Driven By More Than Hype – Morgan Stanley’s Gower

Morgan Stanley metals and mining strategist Amy Gower expects gold prices to rise above $5,000 per ounce in the second half of 2027, supported by central-bank and ETF demand. She said silver’s move toward $120 was driven by genuine physical demand, including solar-sector use and investment buying, rather than hype alone. However, high prices and volatility have begun weighing on silver’s industrial demand, while long-term concerns over government debt continue to support gold.