According to CNBC, Deutsche Bank said gold has been in an "explosive" phase since August 2024 and that the pattern is still ongoing, even after the metal fell from its all-time high earlier this year. Spot gold hit $5,589.38 an ounce on January 29 and was last trading around $4,031.45, while gold futures were at $4,085.90. The bank said the metal has still doubled since August 2024 and forecast fair value of about $4,700 per ounce by the end of the year and $4,600 per ounce in the fourth quarter. Deutsche also noted a December 2025 warning from the Bank of International Settlements that gold may have entered bubble-like territory and could face a sharp correction. In a June 23 note, Deutsche said rising interest-rate expectations could push gold as low as $3,800 an ounce.