Morgan Stanley said gold prices could rise to $5,700 per ounce in the second half of the year under a bullish scenario, citing continued support from geopolitical risks, shifts in central bank strategies and sustained buying by exchange-traded funds.

In a research report, the bank said gold has already exceeded its previous forecast of $4,750 per ounce for the second half, but added that it does not believe prices have reached a peak.

Morgan Stanley said geopolitical uncertainty remains a key driver for safe-haven demand, while changes in central bank reserve management and renewed inflows into gold-backed ETFs are providing additional support to prices.

The investment bank did not specify a base-case target in the note, but emphasized that the current macro and geopolitical environment continues to underpin its constructive view on gold.