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Gold's Role Shifts as Dollar Weakens
The article discusses the developments in the gold market in 2026, where the yellow metal is experiencing changes in its relationship with the dollar and US monetary policies. Although gold reached record levels exceeding $5,500 per ounce at the beginning of the year, it experienced sharp fluctuations, including a temporary drop below $4,000 in June before rebounding to nearly $4,400 at the end of August. The analysis indicates that the traditional relationship between gold and the dollar remains valid in the short term, as the strength of the dollar and real yields influence prices. However, new structural factors are now supporting gold, such as central banks diversifying their reserves, which purchased around one thousand tons of gold this year, with expectations of increasing reserves by 89% in the future. The support for gold is attributed to US debt risks and geopolitical changes, but due to sharp volatility and signals of possible shifts in fiscal policies, it is clear that the gold market is moving under more complex dynamics, with price ranges expected to be between $4,100 and $5,000 in the second half of 2026.
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