Deutsche Bank Sees Gold at $4,000 Next Year on Fed Cuts, China

Deutsche Bank AG expects gold to average $4,000 an ounce in 2026, as Federal Reserve rate cuts and buying by China’s central bank ensure that bullion extends its record-breaking rally.

The new forecast for 2026 — up from the bank’s previous estimate of $3,700 — is consistent with rising support levels for gold, with fair value models suggesting that prices have room to run when accounting for excess demand from central banks, Deutsche Bank precious metals analyst Michael Hsueh said in a note on Wednesday.