Deutsche Bank thinks USD 6,000/oz for spot gold is achievable this year due to a weaker dollar; in alternative scenarios, USD 6,900/oz would be in line with the past 2-year outperformance

• An eventual moderation of XAU/XAG ratio may result in higher absolute silver prices.

Deutsche Bank's bullish forecast for gold suggests that a weaker dollar could drive spot prices to as high as $6,000/oz this year, indicating a strong demand for gold as a hedge. Additionally, the commentary on silver prices implies a potential upward shift in the gold-silver ratio, which could benefit silver investors as well. This outlook reflects broader market expectations around forex dynamics and inflation hedging.