Germany’s largest bank presents capital market outlook. Industrial metals remain expensive, moderate increase in gold expected.
In its capital market outlook published today, Deutsche Bank is cautiously optimistic about the coming year 2023. The bank expects only a moderate recession for both the USA and the euro zone. With regard to inflation, a gradual decline is expected in Europe from the spring, while the USA may already have reached the peak of inflation. However, continued high energy prices would prevent it from returning to pre-crisis levels. In addition, prices for industrial metals are likely to remain high in the medium term.
Deutsche Bank sees moderate increases in gold, but the weak dollar, among other things, is an argument against the investment. “But a certain amount of gold can make sense in times of geopolitical crisis,” said Dr. Ulrich Stephan, chief investment strategist for private and corporate clients at Deutsche Bank. The bank forecasts a gold price of $1,850 per troy ounce by the end of 2023.