Deutsche Bank sees gold's correction as largely done, holds US$4600 Q4 target

Deutsche Bank says gold’s recent correction is likely largely over and keeps its bullish year-end outlook intact. The bank argues the current rally, which began in August 2024, is only the fifth explosive gold-price episode since 1975. Its analysis suggests downside may be limited near $3,900/oz, while fair value remains around $4,700/oz after adjusting for official sector demand and real-rate effects. Deutsche Bank reiterates its Q4 2026 gold target of $4,600/oz, implying further upside from current levels and framing the pullback as a pause within a broader structural rally rather than the start of a deeper reversal.