Deutsche Bank commodity strategist Michael Hsueh noted in his latest research report published on August 14 that gold's fifth "explosive" upward phase, which began in 2024, is still ongoing, with central bank gold purchases and ETF inflows forming a dual inelastic demand support. At the time of the report's release, the spot price of gold was already trading above $4300/ounce. Deutsche Bank data shows that central bank gold demand in Q1 2026 reached a new historical high of $38.88 billion in real dollar terms; global ETF holdings have cumulatively increased by approximately 4 million ounces year-to-date, with capital flows turning positive again.