Gold surged to a record in October above $4,300/oz, as retail investors piled in, but prices have since retreated below $4,000/oz amid profit-taking, improved risk sentiment, and uncertainty over investor positioning amid the ongoing US government shutdown. The pullback in prices was accompanied by withdrawals from gold-backed exchange-traded funds. Despite the recent pullback in prices, we remain positive on our gold outlook, with macro tailwinds and fundamentals pointing to further upside in 2026. {chart} Even after the recent weakness, gold prices are still up by more than 50% year-to-date. Key supports, including ... (full story)