Standard Chartered sees gold at $5,100 and S&P at 7,950 by mid-2027

Standard Chartered issued a constructive multi-asset outlook, forecasting gold at $5,100/oz and the S&P 500 at 7,950 by mid-2027. The bank still sees a soft-landing macro backdrop, with reduced recession and stagflation risks thanks to softer energy prices, but warns that the easier first-half gains are likely behind investors. For gold, the view is notably bullish, framing it as the preferred portfolio diversifier and suggesting continued upside as a hedge against policy, geopolitical and market uncertainty. For equities, the bank expects further gains but says the path will be more volatile, with IPO supply, energy prices, positioning and central bank moves likely to shape returns. The outlook also favors U.S. and Asia ex-Japan stocks and emerging-market dollar-denominated bonds, implying a broadly pro-risk stance but with a stronger preference for diversification and active management in the second half.