Spot gold surged to a record high of $4,079.81 per ounce on Monday, continuing its remarkable rally through September and October, fueled by sustained investor demand for safe-haven assets and supportive macroeconomic conditions. The yellow metal last traded at $4,071.63 per ounce, up 1.33% or $53.33 for the session, marking yet another historic milestone in its long-term uptrend.
According to Deutsche Bank’s technical analysis released Monday, the current gold rally has now extended longer than both median and average durations seen in recent years, with its trend intensity surpassing all previous rallies over the past three years. The bank noted that while this signals that the rally may have reached peak trendiness, it does not necessarily indicate an imminent correction.
Instead, Deutsche Bank suggests that gold could enter a neutral consolidation phase, similar to the June–August period, when prices temporarily stabilized before the next breakout. Notably, this phase of the rally has also seen strong participation from white metals such as silver and platinum — a contrast to the gold-exclusive rally from January through May.
The bank attributes part of this divergence to record-high silver lease rates, which have amplified momentum in the broader precious metals market. Deutsche Bank maintains a bullish stance on the gold-to-oil ratio, targeting an increase toward the 72–73 range, consistent with its 2026 forecast for WTI crude oil at $55 per barrel.
Furthermore, the analysis indicates that gold’s fair value has been rising in tandem with its spot price, suggesting that the current uptrend is fundamentally supported rather than purely speculative. With geopolitical uncertainty and inflation concerns continuing to weigh on global sentiment, gold remains the top-performing asset class of the second half of 2025.
