With the Fed resuming its easing cycle, the ECB pausing on rate cuts, and the BOJ starting to turn more hawkish, it puts pressure on the dollar and chips away at the currency's high-yield status. That in turn will weigh on dollar demand as a whole.
Looking to 2026, the firm anticipates gold to deliver another 24% gains - largely driven by central bank demand and favourable macroeconomic backdrops.
While recommending long gold, Deutsche does mention as well to stay short in the oil market. They see a growing surplus in the oil market and weaker demand growth will weigh further on the medium-term outlook for the commodity.
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