Investing.com -- Deutsche Bank told clients in a note on Monday that gold remains in an "explosive phase" of price behavior that began in August 2024, and its analysis continues to point to fair value well above current levels by year-end. First, Deutsche Bank said adjusting gold-to-commodity relative price ratios for long-term growth rates, indexed to a 1986 reference point, implies downside toward $2,600 an ounce. Third, the firm said gold "has closed the gap to fair value." Rolling back its model adjustments for excess official demand and real rate convexity, Deutsche Bank still sees fair value likely registering around $4,700 an ounce by year-end, above its $4,600 fourth-quarter forecast, which it maintained on that basis. Related articlesHere's where Deutsche Bank's analysis sees fair value for gold pricesWolfe Research outlines eight risks that could spark stock declines in 2026Morgan Stanley CIO survey: Why AI hype isn't boosting 2026 IT budgets