Deutsche Bank – Gold Outlook, Sep 2025

The main theme of the report is the forecast of gold price growth to $4,000 per ounce.

Key findings include expectations of further gold price increases despite its current valuation as "expensive" compared to "fair value." The report forecasts gold and silver prices to rise to $4,000 per ounce and $45 per ounce, respectively, by 2026. Factors supporting gold price growth include Fed rate cuts, a weakening US dollar, and high official demand, particularly from China. Challenges such as strong stock performance and limited US immigration policies may restrain gold price growth.