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.

'

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

PDF

Language:

Related special reports

podcast hero

PERSPECTIVES Weekly Podcast

October 5 – Fed minutes in focus after a rise in unemployment

Bond yields are up around the world, but maybe “bond rout” isn’t the best way to describe it, explains Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability in this week's episode.

Oct. 05, 2026

TBC

PERSPECTIVES Viewpoint FX

Central banks back in the spotlight

After several weeks during which geopolitical developments were the dominant driver of currency markets, central bank policy has once again emerged as a decisive influence on exchange rate movements. We assess the likely direction of major currencies and the key factors expected to shape their performance.

Oct. 02, 2026

Skyline against office building

PERSPECTIVES Viewpoint Fixed Income

Credit spreads’ quiet resilience

Corporate bond yields have also moved higher, largely because of the rise in underlying benchmark yields. Spreads to these benchmarks, however, have remained broadly resilient. We explore the implications in this publication.

Sep. 29, 2026

saudi oil supply at risk

PERSPECTIVES Memo

Saudi oil supply at risk

Rising geopolitical tensions and renewed concerns over Saudi oil supply have triggered market volatility. Our experts examine the implications for energy prices, equities and long-term investment strategy.

Sep. 21, 2026

the yield rise goes global

PERSPECTIVES Viewpoint Fixed Income

The yield rise goes global

Bond yields are rising globally. Learn what is driving the market repricing and where opportunities may emerge for fixed-income investors.

Sep. 18, 2026

sports investing stability growth value creation dekstop

PERSPECTIVES Special

Sports Investing: Big league opportunities

Learn how professional sports are evolving into a major investment opportunity, supported by powerful brands, recurring revenues, global reach and pricing power.

Sep. 14, 2026

See more

In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S.

The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

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.

This web page is not an offer to buy a security or enter into any transaction. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.