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

Gold prices have erased most of their gains this year, but Deutsche Bank remains bullish on the precious metal. In its latest analysis, the bank reaffirmed its forecast for Q4 2026, predicting gold will reach $4,600 per ounce and potentially $4,700 by year-end.

The current cycle is one of only five similar episodes recorded since 1975, according to Deutsche Bank's statistical models. The bank believes that despite the recent pullback, gold remains in an explosive phase that began in August 2024. While some valuation models indicate downside potential towards $2,600 per ounce, the bank considers this scenario unlikely.

The bank's outlook is supported by continued demand from central banks, which remain one of the strongest drivers of the gold market. Central banks expect global gold reserves to increase over the next 12 months, with nearly 89% planning to expand their own holdings.