Is the momentum of gold's rise continuing? Deutsche Bank: In addition to central banks, the "gold rush" and ETF demand are making a strong comeback

Deutsche Bank pointed out that gold prices have risen due to strong ETF demand and central bank purchases, reaching $3,800 per ounce on Monday. The return of ETF demand has a 50% greater impact on gold prices compared to the period from 2021 to 2024. Analyst Michael Hsueh stated that central banks and ETF investors are the main buyers of gold, and it is expected that the Federal Reserve's easing policy will drive ETF holdings up by 2026. Although jewelry demand is volatile, the demand for coins and bullion has a smaller impact on prices, while recycled gold supply is sensitive. Increased ETF holdings are crucial for the rise in gold prices, and a halt in capital inflows could pose downside risks