Jun. 24 at 12:56 AM
Deutsche Bank cut its gold price forecasts by up to 22%, joining Goldman Sachs in a more cautious outlook as markets adjust to expectations of a tighter-for-longer Federal Reserve policy and weaker investment demand for precious metals. The bank now sees gold at
$4,300/oz in Q3 and
$4,800/oz in Q4, both below prior estimates but still above current levels near
$4,100/oz.
The downgrade reflects concerns that U.S. interest rates could stay elevated for longer, reducing the appeal of non-yielding assets like gold. Deutsche Bank warned that if the Fed delivers three to four additional hikes, gold could fall toward
$3,800/oz. The view follows Goldman’s recent
$500 cut to its year-end target, now at
$4,900/oz, citing reduced expectations for rate cuts in 2026.
Gold is down nearly 12% this quarter amid stronger U.S. data, persistent inflation pressures, and shifting Fed rhetoric.
$DB $GS