Gold Settles at $4,614.70 After Record 2-Month Drop, Deutsche Bank Sees $8,000 in 5 Years

Gold posted its largest two-month drop on record—losing $615.80 (-11.77%) to settle at $4,614.70—despite remaining up 7% year-to-date and 39.5% over the past 12 months. Deutsche Bank outlines a bullish long-term scenario where emerging-market central banks target 40% gold allocation (currently ~16% of $7.5–$8 trillion reserves), potentially driving prices to $8,000 within five years even if reserves fall to $5 trillion. The thesis hinges on sustained EM buying and a dollar/reserve shift amid DXY weakness, contrasting near-term volatility and muted haven flows with multi-year upside potential.