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In the latest PERSPECTIVES Viewpoint Commodities – Gold & silver in demand, oil price range seems limited, we discuss gold, silver and oil and examine the causes of past price movements. We also address the factors to look out for regarding these commodities and the opportunities we still see for investors in each case.

Key takeaways:

  • Gold performed well in 2024, outperforming most asset classes and it continued its record hunt in 2025. Diversification likely to continue driving demand from central banks, private investors and institutional investors.
  • Silver posted a gain of around 21% in 2024. It made a strong start into 2025, trading 10% higher than at the beginning of January.
  • Oil markets are expected to be in surplus in 2025 and to keep prices range bound. Strong non-OPEC supply means OPEC+ will provide crucial support for prices. Russia sanctions’ impact expected to be minimal.

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The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

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Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.