Gold Price Pullback April 2026: Morgan Stanley's $5,200 Target and Whether to Buy Now

# Gold Price Pullback April 2026: Morgan Stanley's $5,200 Target and Whether to Buy Now

> **Quick answer:** Gold dropped roughly 10% from its $5,390 war peak to around $4,830 as Iran ceasefire talks gained traction — but Morgan Stanley kept its H2 2026 target at $5,200. Central banks are buying at record pace, the dollar remains structurally weak, and the April 22 ceasefire expiry is a hard binary: failed talks send gold sharply higher, a deal pushes it lower. Whether you buy now, wait, or hold depends entirely on what your money personality can tolerate — and your time horizon.

Gold surged to $5,390 when US and Israeli strikes on Iran began in early March 2026, then gave back 10% as ceasefire negotiations introduced the possibility of de-escalation. Now, with the ceasefire deadline expiring April 22, the gold price pullback has created one of the most watched entry windows in recent memory — and Morgan Stanley's revised H2 2026 target of $5,200 means the pullback may be the opportunity, not the warning sign.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

## What Happened: The $5,390 Peak and the 10% Pullback

Gold's path in 2026 has been dramatic by any standard. The metal had already set an all-time high of $5,600 on January 29, 2026, driven by dollar weakness and sovereign demand. When coordinated US and Israeli strikes on Iran triggered the effective closure of the Strait of Hormuz on March 2, gold surged again — testing $5,390 intraday as 100+ tankers halted and oil spiked 13% to near $82 per barrel.