Deutsche Bank Predicts Gold Price Spike to $4,700 by End of 2026

Deutsche Bank has reaffirmed its bullish outlook for gold, maintaining a fourth-quarter 2026 forecast of $4,600 per ounce while estimating that the metal's fair value could reach $4,700 per ounce by year-end. The bank's analysis suggests gold remains in an explosive phase that began in August 2024, one of only five similar episodes recorded since 1975.

The current cycle is supported by strong central bank demand and favorable macroeconomic conditions, according to the bank. Despite a recent pullback, Deutsche Bank believes the long-term uptrend remains intact, with gold traded at $4,059 as of press time, having erased most of its 2026 gains.

The institution's $4,600 gold price target places it among the more optimistic major banks, although several Wall Street firms remain bullish on the precious metal. Goldman Sachs expects gold to reach around $4,900 per ounce by the end of 2026, while UBS projects a rebound toward $5,200 per ounce over the next 12 months.