Svmuu News: Morgan Stanley stated that without a significant rebound in ETF inflows, its bullish price target of $5,200 for gold in the second half of the year would become much harder to achieve.Morgan Stanley analysts noted: “While central bank gold purchases may continue, ETF inflows are more sensitive to changes in interest rate expectations. The missing link is ETF demand, which is likely to remain sensitive to the Federal Reserve’s policy path, real yields, and the U.S. dollar.” Morgan Stanley remains bullish on gold’s long-term outlook, as easing tensions in the Middle East and falling oil prices help alleviate inflation concerns. However, the Federal Reserve’s hawkish tone at its most recent meeting reinforced expectations that interest rates will remain high for an extended period, increasing the opportunity cost of holding non-interest-bearing assets such as gold. (Jin Shi)