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What is the story about?
Deutsche Bank raised its 2026 gold price forecast to $4,450 an ounce from $4,000 on Wednesday, November 26, citing stabilising investor flows and persistent central bank demand.
The bank now expects a $3,950–$4,950 range next year, with the top end about 14% above the current price of the December 2026 COMEX gold futures contract.
Deutsche Bank highlighted what it called a ”positive structural picture,” noting that central-bank buying and exchange-traded-fund (ETF) investment were absorbing a significant portion of supply, leaving less for the jewellery market, while total demand continues to outpace supply.
Also read: Factors driving gold, silver prices in India
The bank also projected that ETF flows would help maintain a price floor next year, saying they ”suggest $3,900/oz support will hold”.
It added that years of undersupply in silver, platinum and palladium would improve their sensitivity to gold’s strength, with elevated lease rates signalling ongoing tightness in the physical market.
The bank maintained its 2027 gold price forecast at $5,150, saying it ”straddles the uncertainty” between business as usual and elevated official demand scenarios.
Key risks include gold’s positive correlation with risk assets, the possibility of less U.S. Federal Reserve policy easing than markets expect in 2026 and the chance that reserve managers could slow their buying, Deutsche Bank warned.
Spot gold prices are up 59% this year, heading for their biggest annual gain since 1979. Bullion hit a record high of $4,381.21 per troy ounce on October 20.
Gold surges to hit near two-week high of Rs 1.30 lakh/10g in Delhi markets
Gold prices surged ₹1,200 to hit near a two-week high of ₹1,30,100 per 10 grams in the national capital on Wednesday, tracking a rally in the international markets, according to the All India Sarafa Association.
Analysts said the rise was mainly driven by renewed expectations of interest-rate cuts by the US Federal Reserve next month.
The precious metal of 99.5% purity also advanced by ₹1,200 to ₹1,29,500 per 10 grams (inclusive of all taxes).
Also read: Gold outlook 2026: Axis Securities sees positive momentum but flags macro risks
On November 13, gold of 99.9% and 99.5% closed at ₹1,30,900 and ₹1,30,300 per 10 gram levels, respectively.
"Gold extended its gains on Wednesday, climbing to a two-week high amid growing optimism over potential Federal Reserve rate cuts.
"Softer US macroeconomic data further strengthen expectations of a possible cut next month, following recent dovish comments from two Fed officials," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also gained momentum for the second straight day, surging ₹2,300 to ₹1,63,100 per kilogram (inclusive of all taxes) on Wednesday.
In the global markets, spot gold climbed by $33.50, or 0.81%, to $4,164.30 per ounce.
"Gold advanced to $4,165 per ounce ahead of US macroeconomic data, including durable goods orders and initial jobless claims, as recent comments from Fed Governors Miran and Waller indicated growing support for additional rate cuts," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
According to Praveen Singh, AVP, Fundamental Research, Commodities, Mirae Asset Sharekhan, soft US economic data and growing expectations that White House National Economic Council Director Kevin Hassett may become the next Federal Reserve chair have further fuelled the rate-cut sentiment.
"Hassett being closely aligned with President Donald Trump's low rate and economic vision may hasten rate cuts," he stated.
In addition, spot silver was trading 1.71% higher at $52.37 an ounce in the overseas trade.
Renisha Chainani, Head - Research at Augmont, said, "A persistent increase in the price of the precious metal is limited by expectations of a peace agreement between Russia and Ukraine".
However, given that investors are now looking to more US data for some encouragement, the fundamental background indicates that the path of least resistance for gold is upward, she added.
The bank now expects a $3,950–$4,950 range next year, with the top end about 14% above the current price of the December 2026 COMEX gold futures contract.
Deutsche Bank highlighted what it called a ”positive structural picture,” noting that central-bank buying and exchange-traded-fund (ETF) investment were absorbing a significant portion of supply, leaving less for the jewellery market, while total demand continues to outpace supply.
Also read: Factors driving gold, silver prices in India
The bank also projected that ETF flows would help maintain a price floor next year, saying they ”suggest $3,900/oz support will hold”.
It added that years of undersupply in silver, platinum and palladium would improve their sensitivity to gold’s strength, with elevated lease rates signalling ongoing tightness in the physical market.
The bank maintained its 2027 gold price forecast at $5,150, saying it ”straddles the uncertainty” between business as usual and elevated official demand scenarios.
Key risks include gold’s positive correlation with risk assets, the possibility of less U.S. Federal Reserve policy easing than markets expect in 2026 and the chance that reserve managers could slow their buying, Deutsche Bank warned.
Spot gold prices are up 59% this year, heading for their biggest annual gain since 1979. Bullion hit a record high of $4,381.21 per troy ounce on October 20.
Gold surges to hit near two-week high of Rs 1.30 lakh/10g in Delhi markets
Gold prices surged ₹1,200 to hit near a two-week high of ₹1,30,100 per 10 grams in the national capital on Wednesday, tracking a rally in the international markets, according to the All India Sarafa Association.
Analysts said the rise was mainly driven by renewed expectations of interest-rate cuts by the US Federal Reserve next month.
The precious metal of 99.5% purity also advanced by ₹1,200 to ₹1,29,500 per 10 grams (inclusive of all taxes).
Also read: Gold outlook 2026: Axis Securities sees positive momentum but flags macro risks
On November 13, gold of 99.9% and 99.5% closed at ₹1,30,900 and ₹1,30,300 per 10 gram levels, respectively.
"Gold extended its gains on Wednesday, climbing to a two-week high amid growing optimism over potential Federal Reserve rate cuts.
"Softer US macroeconomic data further strengthen expectations of a possible cut next month, following recent dovish comments from two Fed officials," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also gained momentum for the second straight day, surging ₹2,300 to ₹1,63,100 per kilogram (inclusive of all taxes) on Wednesday.
In the global markets, spot gold climbed by $33.50, or 0.81%, to $4,164.30 per ounce.
"Gold advanced to $4,165 per ounce ahead of US macroeconomic data, including durable goods orders and initial jobless claims, as recent comments from Fed Governors Miran and Waller indicated growing support for additional rate cuts," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
According to Praveen Singh, AVP, Fundamental Research, Commodities, Mirae Asset Sharekhan, soft US economic data and growing expectations that White House National Economic Council Director Kevin Hassett may become the next Federal Reserve chair have further fuelled the rate-cut sentiment.
"Hassett being closely aligned with President Donald Trump's low rate and economic vision may hasten rate cuts," he stated.
In addition, spot silver was trading 1.71% higher at $52.37 an ounce in the overseas trade.
Renisha Chainani, Head - Research at Augmont, said, "A persistent increase in the price of the precious metal is limited by expectations of a peace agreement between Russia and Ukraine".
However, given that investors are now looking to more US data for some encouragement, the fundamental background indicates that the path of least resistance for gold is upward, she added.
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