Deutsche Bank raised its target price for gold to $6000 per ounce

German Deutsche Bank has raised its forecast for the price of gold to $6000 per ounce by the end of the year amid rising gold prices. This estimate assumes the growth of gold prices by another 13% from the current levels. At the same time, analysts emphasize that the key importance is not the price growth itself, but its causes: the current gold rally is structural, not temporary, according to Deutsche Bank.

Since the beginning of 2026, gold has risen in price by 22%. On January 28, the prices for this precious metal once again updated the historical highs, for the first time exceeding the mark of $5300 per ounce and reaching a daily maximum of $5345 per ounce.

Deutsche Bank has joined its Wall Street peers in raising its gold price forecast amid the precious metal's ongoing rally. The new target level is $6000 per ounce by the end of the year, which is 28% higher than the previous forecast of analysts. This benchmark coincides with the assessment of Societe Generale, writes MarketWatch.

What's notable, however, is not so much Deutsche Bank's upgrade of its forecast for the precious metal, but rather its rationale, MarketWatch points out. "What historical lessons can be learned from gold's past rallies and are today's investor motivations different from those of the past?" - Deutsche Bank's team of experts, led by Michael Xue, asked in a research note. "An analysis of sharp episodes of gold price rises shows that in two-thirds of cases, gold is still appreciating after six and 12 months," the analysts said.

According to them, unlike in the 1980s, the current drivers of gold growth are mainly structural rather than ad hoc. Among them are the desire of reserve managers to reduce the risks of freezing foreign assets, investors' interest in non-dollar and real assets, as well as long-term expectations of growth in U.S. government debt.

In addition, structurally higher geopolitical risks will support the growth of commodity prices in general, concluded Deutsche Bank. "If we talk about commodity markets more broadly, an important factor is the intensification of competition between the world's leading powers and the associated resource nationalism," the analysts noted.

Also analysts of Deutsche Bank keep an optimistic view on the silver market: they raised the target price for this precious metal by 71% against their previous forecast - up to $100 per ounce. According to their assessment, since December last year, the market has seen a new investment inflow, and it is possible that reserve managers or sovereign wealth funds have begun to build up positions in silver without publicly disclosing such transactions, MarketWatch points out.

The demand for silver was further boosted by China's efforts to fully tax income from offshore investments, as well as the Reserve Bank of India's plans to allow silver to be used as collateral for loans.

Silver futures jumped 7.5% to $113.9 an ounce on Wednesday, January 28.

This article was AI-translated and verified by a human editor