Deutsche Bank Forecasts $3,700 Average by 2026

Deutsche Bank has significantly raised its gold price forecasts for the coming years, now projecting average prices of $3,139 per ounce in 2025 and $3,700 in 2026 – substantial increases from its previous forecasts of $2,725 and $2,900 respectively. The bank remains bullish on gold despite recent price corrections, setting a year-end 2025 target of $3,350 per ounce.

Several factors are driving this optimistic outlook: President Trump’s continued commitment to tariff plans, growing recession risks prompting potential Federal Reserve rate cuts as early as May, and sustained demand from central banks, whose gold purchases have grown from 10% to 24% of the market since 2022. China’s central bank added to its gold reserves for the fifth consecutive month in March, highlighting this trend.