Gold may need to fall to as low as $1,050 an ounce to bring its valuation versus other commodities such as oil and copper back to historical averages, Deutsche Bank AG said.

“In our view, what had been a reliable source of positive returns for the past 12 years has ended,” Michael Lewis, an analyst at Deutsche Bank in London, said in a report dated Thursday.

Gold for immediate delivery was at $1,394.04 an ounce at 11:49 a.m. in London.