Deutsche Bank raised its 2026 gold price forecast to $4,450 an ounce from $4,000, citing stable investor flows and continued demand from central banks, on Wednesday, November 26.
The bank now expects a range between $3,950 and $4,950 next year, with the upper limit being about 14% higher than the current price of the December 2026 gold futures contract on the Comex exchange.
Deutsche Bank pointed to what it described as a positive structural picture, explaining that central bank purchases and exchange-traded fund investments absorb a large part of the supply, reducing the quantity available to the jewelry market, while total demand continues to exceed supply, according to Reuters.
The bank predicted that exchange-traded fund (ETF) inflows would help maintain a support level for prices next year, saying that these inflows suggest a support level of $3,900 per ounce will remain in place.
Regarding other metals, the bank added that years of supply shortages in silver, platinum and palladium would increase their sensitivity to the strength of gold, with high lending rates indicating continued tightness in the physical market.
The bank maintained its 2027 gold price forecast at $5,150, saying it reflects the uncertainty between continued normality and rising official demand scenarios.
In addition, Deutsche Bank warned of several key risks, including the positive correlation between gold and high-risk assets, the possibility that the US Federal Reserve will ease its monetary policy to a lesser degree than markets expect in 2026, and the possibility that reserve managers will backtrack on the current pace of purchases.
Spot gold prices have risen 59% this year, heading for their biggest annual gain since 1979.
Gold hit a record high of $4,381.21 an ounce on October 20.
