Deutsche Bank has spoken: Is gold going to surge to $5000?

Analyst Michael Hsueh's latest prediction – gold prices will approach $4950/ounce in 2026 and soar to $5150 in 2027. In other words: gold is still rising.

What is the key driving force?
• Central banks around the world are bottom fishing: bought 220 tons in Q3, a three-year high.
• ETF capital inflow: net inflow for the first time in 4 years
• Dollar depreciation + geopolitical risks = gold becomes a "safe haven"

Interestingly, although October saw a 10% pullback from its highs, it has already rebounded by half. Hsueh said this breaks the historical pattern - the volatility of gold prices in 2025 is the most severe since 1980.

The supply side is also constrained: global production this year is only 3,693 tons, with an estimated 3,715 tons next year, which clearly cannot keep up with the growth in demand. Central banks regard gold as the "last resort against black swans," and this logic is hard to break.

The bottom support is at $3900. Technically, entering January and February is usually a strong seasonal period for gold. In other words, a short-term pullback could be a buying opportunity.