Gold (XAUUSD) is up by 58% this year and is on track for its best year since 1979. More upside is on the way in 2026, according to Deutsche Bank.
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The firm expects the precious metal to trade in a range between $3,950 and $4,950 next year and raised its price target to $4,450 from $4,000, citing continuing strong demand from central banks and exchange-traded funds (ETFs). The price target implies upside of 7% from current levels, while the high end of the range implies upside of 19%.
Gold’s Price Floor Sits at $3,900, Says Deutsche
Deutsche Bank expects elevated demand from ETFs in 2026, supporting a price floor at $3,900, and issued a 2027 price target of $5,150.
As with any investment, gold carries risks. The firm points out that gold has a positive correlation with risk assets and could fall if the Fed lowers rates less than expected or if reserve managers reduce their pace of purchases.
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