Goldhub Research Investment Commentary Latest issue Investment Commentary Read the latest report Gold Market Commentary: When the dollar turns on itself Gold gained 5% in February on dip buying, dollar weakness and softer US Treasury yields. Looking forward: Medium-term trend for the US dollar is likely to resume – post some near-term respite – and provide further support for gold prices. 5 March, 2026 Why gold in 2026? A cross-asset perspective The consensus narrative of a global economy that has proved “robust” in the face of tariffs and turmoil underestimates the very real risks that remain. Investors can and should recognise the monetary and fundamental forces that have driven markets higher – especially with more easing on the way in 2026. But stretched valuations and persistent macro risks demand caution, emphasising the need for diversified portfolios. As geopolitics and shifting US policies continue to impact asset allocation, we believe there should be a focus on quality assets, such as gold. 26 February, 2026 Gold Market Commentary: Bonds a no go A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. 5 February, 2026 Gold as a strategic asset: 2026 edition Gold has a key role as a strategic long term investment & is crucial for a well-diversified portfolio. Download our case for a strategic allocation to gold. 4 February, 2026 Gold Market Commentary: Precious Metal Thunder Gold tagged its 53rd all-time PM price high for the year of US$4,449/oz on 23 December, before closing the year at US$4,368/oz. It was a stellar finish to a stellar year – posting a December return of 4.2% to take the full year return to 67%. Relatively stable FX led to similar returns across major currencies. 8 January, 2026 Gold Outlook 2026: Push ahead or pull back Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum. 4 December, 2025 Gold Market Commentary: Technical difficulties A momentum flush out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October. 6 November, 2025 Gold Market Commentary: Stick, twist or double down? Record monthly ETF inflows took gold to its 39th new high for the year, finishing the month at US$3,825/oz (+12%). Y-t-d gold is up 47%, marking the highest return in a calendar year since 1979. Political tension, strong options market activity, and currency weakness played a key role in gold’s performance last month. Looking forward, there are plenty of reasons for investors to look at gold and the price could see further uplift should equities experience a correction. Perhaps only a major liquidity squeeze could upend both gold and equities, but there are no clear signs of fractures in credit or banking sectors…yet. 7 October, 2025 Prev Page 3 of 67 Next Latest research Looking for insight and analysis on gold? Our team of experts produce market-leading research and macroeconomic commentary on gold.
Gold Market Commentary: When the dollar turns on itself Gold gained 5% in February on dip buying, dollar weakness and softer US Treasury yields. Looking forward: Medium-term trend for the US dollar is likely to resume – post some near-term respite – and provide further support for gold prices. 5 March, 2026
Why gold in 2026? A cross-asset perspective The consensus narrative of a global economy that has proved “robust” in the face of tariffs and turmoil underestimates the very real risks that remain. Investors can and should recognise the monetary and fundamental forces that have driven markets higher – especially with more easing on the way in 2026. But stretched valuations and persistent macro risks demand caution, emphasising the need for diversified portfolios. As geopolitics and shifting US policies continue to impact asset allocation, we believe there should be a focus on quality assets, such as gold. 26 February, 2026
Gold Market Commentary: Bonds a no go A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. 5 February, 2026
Gold as a strategic asset: 2026 edition Gold has a key role as a strategic long term investment & is crucial for a well-diversified portfolio. Download our case for a strategic allocation to gold. 4 February, 2026
Gold Market Commentary: Precious Metal Thunder Gold tagged its 53rd all-time PM price high for the year of US$4,449/oz on 23 December, before closing the year at US$4,368/oz. It was a stellar finish to a stellar year – posting a December return of 4.2% to take the full year return to 67%. Relatively stable FX led to similar returns across major currencies. 8 January, 2026
Gold Outlook 2026: Push ahead or pull back Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum. 4 December, 2025
Gold Market Commentary: Technical difficulties A momentum flush out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October. 6 November, 2025
Gold Market Commentary: Stick, twist or double down? Record monthly ETF inflows took gold to its 39th new high for the year, finishing the month at US$3,825/oz (+12%). Y-t-d gold is up 47%, marking the highest return in a calendar year since 1979. Political tension, strong options market activity, and currency weakness played a key role in gold’s performance last month. Looking forward, there are plenty of reasons for investors to look at gold and the price could see further uplift should equities experience a correction. Perhaps only a major liquidity squeeze could upend both gold and equities, but there are no clear signs of fractures in credit or banking sectors…yet. 7 October, 2025
Gold Market Commentary: When the dollar turns on itself
Gold gained 5% in February on dip buying, dollar weakness and softer US Treasury yields.
Looking forward: Medium-term trend for the US dollar is likely to resume – post some near-term respite – and provide further support for gold prices.
Why gold in 2026? A cross-asset perspective
Gold Market Commentary: Bonds a no go
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand.
Gold as a strategic asset: 2026 edition
Gold has a key role as a strategic long term investment & is crucial for a well-diversified portfolio. Download our case for a strategic allocation to gold.
Gold Market Commentary: Precious Metal Thunder
Gold tagged its 53rd all-time PM price high for the year of US$4,449/oz on 23 December, before closing the year at US$4,368/oz. It was a stellar finish to a stellar year – posting a December return of 4.2% to take the full year return to 67%. Relatively stable FX led to similar returns across major currencies.
Gold Outlook 2026: Push ahead or pull back
Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum.
Gold Market Commentary: Technical difficulties
A momentum flush out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October.
Gold Market Commentary: Stick, twist or double down?
Record monthly ETF inflows took gold to its 39th new high for the year, finishing the month at US$3,825/oz (+12%). Y-t-d gold is up 47%, marking the highest return in a calendar year since 1979. Political tension, strong options market activity, and currency weakness played a key role in gold’s performance last month. Looking forward, there are plenty of reasons for investors to look at gold and the price could see further uplift should equities experience a correction. Perhaps only a major liquidity squeeze could upend both gold and equities, but there are no clear signs of fractures in credit or banking sectors…yet.