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The gold market's relative underperformance since February is not a failure of the bull market, but merely a pause, and the yellow metal has fresh all-time highs in its medium-term future, according to Anthony Kim, Global Head of Metals Trading at Goldman Sachs.Kim was asked on Goldman's The Markets podcast whether gold's all-time high of $5,589.38 per ounce in late January was the top of the current cycle.
ETFs, futures and options positioning all indicate that gold remains in a broad-based bull market in 2026, with multiple independent demand channels reinforcing one other, according to analysts at Société Générale.
The People's Bank of China (PBoC) added 20.2 metric tonnes of gold to its reserves in August, its largest monthly purchase since October 2023, the State Administration of Foreign Exchange (SAFE) announced on Monday. Last month's purchases brought the country's total official holdings to roughly 2,387 tonnes.
Spot gold and silver prices are lower in early U.S. trading Tuesday, as rising oil prices and elevated Treasury yields kept pressure on non-yielding metals ahead of this week's U.S. inflation reports.
Gold and silver gain support from dollar weakness and Iran tensions as traders await U.S. PPI and CPI for fresh clues on the Fed rate outlook.
“Across positioning, flow, and derivatives data, every signal we track continues to point in the same direction: the market is bullish on gold across all fronts,” said Société Générale.
Gold's round trip from a record $5,600 in January to a dip under $4,000 in July has opened opportunities for global asset managers.
Gold fell in early Asian trade. The precious metal faces near-term headwinds including the risk of a U.S. sticky inflation reading this week, that could reinforce expectations of a rate hike, Zaner Metals said.
SEC filings for IAU aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.