Deutsche Bank AG(US:DB) 智通财经网·2025-11-26 13:09Core Insights - Gold prices have surged by 58.5% since the beginning of 2025, reaching $4159.9 per ounce, with expectations for continued growth into 2026 [1] - Deutsche Bank has raised its 2026 gold price forecast from $4000 to $4450 per ounce, suggesting potential for prices to approach $5000 due to tightening structural factors in the market [1] - The demand for gold is being supported by central bank purchases and ETF investments, which are diverting supply from the jewelry market, leading to overall demand growth outpacing supply [1] Group 1: Market Dynamics - The investment flow and technical indicators indicate that position adjustments have been completed, supporting a stable demand outlook [1] - The third-quarter supply and demand data continues to bolster central bank gold purchases, reflecting a resilient demand environment [1] - Gold is breaking historical patterns, with its trading range in 2025 being the widest since 1980, despite a strong dollar performance [1] Group 2: Supply Challenges - Mining supply recovery remains slow, with record quarterly production overshadowed by stronger official and investment demand [2] - Production disruptions at the Grasberg mine in Indonesia cast uncertainty on next year's output prospects [2] - Recycled supply has only seen a mild recovery from previous highs, influenced by a moderate macro environment and consumer expectations of rising gold prices [2]