Deutsche Bank bumps up gold forecast for next year | investingLive

In terms of where the range that they are expecting for gold, it is from $3,950 to $4,950 in 2026. On the bump higher, Deutsche cites continued central bank demand as a key reason:

“Third quarter supply-demand data supports a continued central bank bid. The positive structural picture shows inelastic demand from central banks and ETF investment diverting supply from the jewellery market. Also, overall growth in demand outpaces supply.”

Before adding that:

“Gold often exhibits a positive correlation to risk, so a deeper equity market correction would be damaging, as would our House view for less Fed easing than the market expects in 2026 (-50 bps vs -93 bps). A negotiated end to the Russia-Ukraine conflict would be a temporary negative. In the bigger picture, reserve managers could slow their pace of buying, and dramatic increases in real gold prices are often followed by significant corrections.”

With their more bullish outlook on gold prices, they also see that as having spillover effects to other precious metals as well.

“Consecutive years of undersupply enables silver, platinum, and palladium to participate more fully in gold’s strength. Elevated lease rates indicate physical scarcity which affects industrial users, many of whom prefer to lease than own. We expect supply-demand to remain in deficit for silver and platinum next year, while palladium is balanced.”