Morgan Stanley forecasts gold prices could reach $4,800 per ounce by late 2026, driven by a weakening U.S. dollar and anticipated Federal Reserve leadership changes. Central banks' continued aggressive buying and institutional demand for alpha are also supporting factors. Bank of America analysts predict an average of $4,538 for the year, citing tightening global supply and rising production costs. Silver is also expected to rise, with the gold-to-silver ratio near 60:1 suggesting potential for significant gains.