Gold Is Breaking Historical Norms; Deutsche Sees $5000 In 2026

Deutsche Bank sees a combination of stabilising short term flow and technical indicators, a supportive skew to the third quarter supply-demand data in gold, and a continuation of the positive drivers we highlighted in September (Gold to 4,000).

Altogether these drive them to upgrade their 2026 forecast to USD 4,450/oz from USD 4,000/oz previously, and a yearly range from 3,950-4,950/oz in 2026.