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Gold’s climb has already taken it to Deutsche Bank’s old 2026 target of $3,700 an ounce, but the bank thinks the run has further to go. Its new call is for an average of $4,000 next year, with silver tipped to reach $45 from a previous $40. The bullish case rests on several planks. The first is monetary policy. After three interest rate cuts this year, Deutsche’s economists see risks that the Federal Reserve will go further in 2026 rather than stop, despite its base case of holding rates steady. That matter ...