Deutsche Bank: Safe-haven sentiment pushes gold price back to $2700

Jinshi data, November 22nd news, Barbara Lambrecht, a commodity analyst at Deutsche Bank, pointed out that the price of gold has regained more than half of the lost ground since the end of October and once again returned to a level of over $2700 per ounce. Lambrecht stated that due to the escalating threat of the Ukraine conflict, gold as a safe-haven asset is being sought after. The recent inflow of funds into ETFs also proves this point. With the pump in the price of gold, the price of silver has risen significantly this year, up nearly 30% from the beginning of the year. The situation for platinum group metals is different, as prices are cheaper than at the beginning of the year. This is another reason why this category has the potential to surpass in the coming year. In our view, the price of platinum should particularly rise sharply, as the market is likely to experience a third consecutive year of shortage in 2025. This may be confirmed by the World Platinum Investment Council (WPIC), which will make preliminary forecasts for 2025 in the quarterly report to be released next Tuesday. In the mid-term five-year outlook report released in September, the WPIC assumed that after two years of declining supply, supply would increase. However, this rise is expected to be insufficient to fill the gap, as demand will also rise slightly.