Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold has a clear path to maintain $3,350 by the end of the year under Deutsche Bank’s revised outlook. This increased forecast is even more optimistic for 2026, with an average of $3,700 expected. Germany’s flagship bank believes elevated central bank consumption and dollar weakness provide the strongest support for gold’s ongoing rally.
How much higher could gold go?
After the yellow metal cleared the $3,000/oz hurdle with ease and barreled to a record-high of $3,500/oz, a number of financial institutions have upped their price expectations. Recently, Deutsche Bank joined the bullish bandwagon, hoisting its average gold price targets for this year and next.
Here’s where analysts see gold landing:
- 2025: $3,139 (up from $2,725)
- 2026: $3,700 (up from $2,900)
The bank’s projected average for 2025 is a 15% leap from its prior estimate, underscoring gold’s momentum. Under the right conditions, the yellow metal could sustain $3,350/oz, according to analysts. This would represent a gain of more than 27% since the beginning of the year.
Prices have already exceeded some of Deutsche Bank’s forecasts, and while the bank acknowledges some headwinds, it still expects gold to remain resilient and hover near record highs.
“Bull case for gold remains strong despite this week’s correction and further upgrade our year-end (fourth quarter 2025) forecast to $3,350 per ounce,” the bank said in a note.
Central Banks Splurge on Gold
Gold’s exponential rise isn’t slowing down the rate of central bank consumption. Governments have splurged on physical bullion to the tune of over 1,000 tons annually for the previous three years straight.
Deutsche Bank highlights how central bank purchases have exploded from 10% of the global gold market to 24% since 2022, more than doubling within a few years. This massive, sustained influx of demand has helped propel gold into uncharted territory, with new all-time highs being reached consistently.
Emerging economies are making up an increasingly significant portion of this national appetite. In April, the People’s Bank of China topped up its reserves for the sixth month in a row. According to the World Gold Council, China, Turkey, Jordan, and the Czech Republic were among the most active gold buyers in Q1.
The Dollar Gets Tossed
At the same time nations dive into gold, they’re tossing off the shackles of a debt-burdened and heavily weaponized dollar. In its note, Deutsche Bank highlights how international demand for US Treasuries is between 7% and 10% of net issuance—a sign of waning trust in the dollar and growing faith in gold.
A rising resistance to the US dollar mirrors the growing appetite of emerging economies for gold. China, Russia, and other heavily sanctioned nations have been offloading USD and loading up on gold to skirt dollar weaponization. This de-dollarization push is extending across the world, further benefiting gold’s rise.
Gold to Hit $3,700?!
Perhaps the most eye-catching projection in Deutsche Bank’s report is the group’s 2026 target average of $3,700. That means prices could easily trade above this mark throughout the year, providing plenty of gains from current levels. Some experts even think gold prices could extend to $4,000/oz in 2025.
👉 Suggested Read: Gold Price Predictions & Forecasts for 2025