Gold XAU/USD
2026 Projections · 12 Banks
Deutsche Bank Gold Price Forecast 2026
Deutsche Bank is currently bearish on gold (XAU/USD) for 2026. The desk has moved its year-end target in both directions this cycle (4 up, 2 down), and its current year-end call sits in line with the cross-bank consensus — 12 tracked banks average $4,258/oz for year-end, with targets ranging $2,950–$5,243. The desk's exact year-end target and Q1–Q4 path are part of the paid tier.
What's driving the cautious view
- Inelastic central bank demand
- ETF investment diverting supply from jewelry
- Demand growth outpacing mine supply
- Reserve diversification into non-dollar real assets
How DB's gold call has moved
- Jun 2026Raised the year-end gold target
- Jun 2026Raised the year-end gold target
- Jun 2026Raised the year-end gold target
- Jun 2026Lowered the year-end gold target
- Jun 2026Raised the year-end gold target
- Jun 2026Lowered the year-end gold target
- Jun 2026Reaffirmed the year-end target
Unlock Deutsche Bank's full 2026 gold forecast
Year-end target, quarterly Q1–Q4 path, bull & bear cases, every revision with exact levels, and the desk's report narrative. The stance, drivers, and consensus context above stay free.
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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 30 institutional desks. No promotion.