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"Key drivers include:

  1. Low/negative real rates.
  2. the view that the dollar has peaked against DM currencies
  3. lingering macro risks."

source: http://www.businessinsider.com/ubs-note-on-golds-new-phase-after-brexit-2016-7

I googled it and the result is.... Deutsche Mark. It can't be like that, I think.

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I believe it means Developed Markets as opposed to Emerging Markets.

Asian debt markets have also been under pressure lately, reflecting global asset reallocation from emerging markets (EMs) to developed markets (DMs) in view of the growing unease over the impending reversal in the QE stimulus by the US Fed.

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