Deutsche Bank Forecasts Gold at $8,000 per Ounce by 2031
Deutsche Bank's modelling shows that if global central banks' gold holdings reach 40% of total reserves, gold could reach $8,000 per ounce by 2031. Since 2008, central banks have increased bullion reserves to over 225 million ounces, with 76% planning further increases and 73% reducing U.S. dollar reserves.
1. Deutsche Bank Forecast and Modelling
Deutsche Bank's modelling indicates that should central banks increase their gold holdings to 40% of total reserves, the gold price could climb to $8,000 per ounce by 2031. The forecast is based on projected bullion demand and reduced reliance on U.S. dollar assets.
2. Central Bank Reserve Trends
Since the 2008 financial crisis, central banks have raised their collective bullion reserves to over 225 million ounces. A survey of global central banks revealed 76% intend to further increase gold reserves within five years, while 73% plan to pare U.S. dollar holdings.
3. Gold Price Performance and Investor Response
Gold has surged from $1,585 per ounce in 2020 to above $4,500, a 177% gain, and spiked nearly 65% in 2025, briefly topping $5,000. Investors and institutions cite inflation, rate volatility and geopolitical tensions as drivers for using gold as a portfolio hedge.