Morgan Stanley’s macro note suggests that as rate-cut expectations ease and the US Dollar Index softens, gold price forecast shows support, with a potential rise to $4,800 per ounce by Q4 2026. The thesis points to active central-bank gold purchases amid growth headwinds, reinforcing bullion’s bid as an inflation hedge and a backdrop for cryptocurrency markets.

The report also flags upside risk from catalysts: persistent growth concerns and increasing allocations to gold by stablecoins, which could amplify demand. For crypto investors, these shifts may recalibrate risk appetite and liquidity channels, as capital migrates between traditional safe havens and digital assets in times of macro uncertainty.

Meanwhile, silver investment demand remains resilient with tight inventories, suggesting a potential physical squeeze per Oriental Wealth. Although silver trajectories do not drive crypto valuations directly, the broader risk-off environment can influence crypto trading volumes and cross-asset flows during periods of market stress.