Deutsche Bank cut its Q3 2026 gold price target by 22% to $4,300 per ounce while maintaining a fair value estimate of $4,700 per ounce. Gold hit an all-time high near $5,110 in early 2026 before correcting back to the $4,000-$4,100 range. The bank still sees a path to $6,000 per ounce, though its bear case of $3,800 hinges on three to four Fed rate hikes. Central banks purchased 244 tonnes of gold in Q1 2026 alone, with Poland, Uzbekistan, and China among the top buyers. For crypto investors, this rate-hike scenario would create broad pressure on risk assets.
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