Gold Price Prediction: Deutsche Bank Forecasts $6,000 by 2026

German Deutsche Bank expected – today, Tuesday – that gold prices will jump to $6,000 per ounce in 2026, while investors continue to increase their allocations to non-dollar assets and real assets.

Gold in instant transactions recorded a record high level above $5,100 per ounce yesterday, Monday, after geopolitical and economic uncertainty increased investors’ demand for assets that represent a safe haven.

Deutsche Bank noted that there are alternative scenarios that could push gold to higher levels, and said, “Maybe the price per ounce at $6,900 is actually more in line with the very strong performance over the past two years.”

Analysts at Societe Generale Bank also expect the price of gold to reach $6,000 an ounce by the end of the year, but they point out that this may be a conservative estimate in light of the opportunities for further gains.

Morgan Stanley also said yesterday that gold may continue to rise, indicating the possibility of it reaching $5,700 an ounce.

Gold prices rose 1.5% to $5,082.65, at the time of writing this report.

Gold prices have jumped by more than 17% since the beginning of 2026, benefiting from their 64% rise last year, and also supported by strong central bank purchases, inflows into exchange-traded funds, and expectations of lower US interest rates.

American deficit

Bloomberg quoted Vincent Mortier, chief investment officer at Amundi SA – the largest money management company in Europe – as saying that the shift towards gold and away from the dollar is also driven by the large US budget deficit and doubts surrounding the Federal Reserve’s future policy.

He added: “We allocated part of our investments to gold over the past two and a half years, and I believe that this trend will continue, because gold in the long term is a safe haven against the devaluation of the currency, and a good way to preserve part of purchasing power.”

Mortier, of Amundi, which manages assets worth 2.3 trillion euros (about 2.7 trillion dollars) according to its website, explained that a large portion of the demand for gold comes from institutional investors, such as central bank governors and sovereign wealth management companies.

He added that Trump’s attacks on traditional US allies, including the recent dispute with European countries over Greenland, and his continued threats to impose tariffs, will have dire consequences.

He said: “Allies cannot be intimidated forever. New alliances are starting to form. Europe’s position on Greenland is interesting, which shows that under pressure new methods of resistance can be found.”

Mortier explained that there is no convincing justification for investing in other major currencies at the present time.

He said: “Today you may not want to buy the euro, and the renminbi (yuan) exchange rate may be too early, while the Japanese yen is under pressure, so the alternative is gold. We have noticed this a lot with our clients.”

Last week, Canadian Prime Minister Mark Carney called on middle-power countries to work together in a frank message during the World Economic Forum in Davos, Switzerland, warning against coercion by the great powers.

Gold remains attractive to investors, even with its price exceeding $5,000 per ounce, as a tool to diversify investment portfolios, according to BlackRock.

Bloomberg quoted BlackRock’s head of investment and portfolio solutions for the Europe, Middle East and Africa region, Ursula Marchionne, this week, saying: “It (gold) is proving its position as a hedging tool for everything.”