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Several major banks forecast that gold prices will shake off a recent correction and hit an all-time high next year, with ongoing strong demand from central banks and anticipated US Federal Reserve rate cuts likely to buoy the market.
Deutsche Bank has raised its 2026 average gold price forecast to US$4,450 per ounce from US$4,000 previously, setting a projected yearly trading range of US$3,950 to US$4,950, according to a research note released on Wednesday.
“Stabilising investor flow and technical measures indicate a positioning correction has completed,” said Michael Hsueh, a research analyst at the bank.
“Overall growth in demand outpaces supply”, with third-quarter data indicating “a continued central bank bid”, he added.
The projection comes as gold prices make a choppy rebound after a sharp plunge last month from a record high of more than US$4,380 per ounce.
At midday on Friday, the spot price of gold stood at US$4,188 per ounce.
