Opinion · Analysis
Key Facts
—The drawdown. Gold peaked near $5,589 an ounce on January 28, 2026, then printed an intraday low around $3,968 by mid-June — a fall of roughly 29% in under five months, and a looming death cross has chart-watchers braced for worse.
—The volatility. Gold’s annualised price volatility runs near 24%, higher than the roughly 20% of US equities and far above the roughly 3% volatility of consumer inflation.
—The buyers. Central banks added more than 1,000 tonnes of gold in each of the past three years, roughly double the prior decade’s pace, accelerating after Russia’s 2022 reserve freeze.
