Deutsche Bank Warns: Gold Prices Could Fall to $3,800/oz if Fed Raises Rates Multiple Times

On June 23, Deutsche Bank lowered its gold price target, citing the Federal Reserve's hawkish stance, strong U.S. economic data, and weak investment demand. The bank currently forecasts a gold price of $4,800 per ounce in the fourth quarter but warns that if the Fed raises rates multiple times, prices could drop to $3,800 per ounce. Outflows from gold ETFs, weak futures positions, and subdued demand from China and India have pressured prices, while central bank purchases remain a key support.