Deutsche Bank has predicted that gold prices could reach near $5,000 per ounce by 2026 and surpass this level in 2027. Analyst Michael Hsueh attributes this rise to central bank demand, especially after market positions are cleared, coupled with the re-entry of exchange-traded funds (ETFs). HSueh forecasts gold prices for 2026 will reach $4,950 per ounce, and for 2027, a target of $5,150 per ounce. While gold prices have declined about 10% from their peak in October, they are on track to recover half of the lost ground. Hsueh highlights that this rally is unique as it’s not solely driven by the depreciation of the U.S. dollar, and predicts continued strength from central banks. Central bank gold purchases reached a high in Q3 with 220 tons, more than any other quarter this year, marking a strong trend in demand. Notably, gold ETFs returned to net inflows for the first time since 2021 in 2025, and Hsueh believes these trends will continue into the new year. Based on historical data, there’s a high probability of a continued upward momentum in gold prices.