Deutsche Bank cuts Q4 gold base case to $4,800/oz
The gold price may decline to $3,800 if the Fed pivots to hikes, requiring only three to four rate increases.
The current pace of central bank buying cannot offset the weakness in investment demand.
The S&P 500 remains below its early June peak, and credit spreads are wider, indicating that geopolitical relief has been absorbed without producing fresh upside momentum.