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Gold Volatility & A Structural Reset
Gold’s recent decline was abrupt. After reaching an intraday high near $5,608 in late January, spot XAU/USD fell sharply toward $4,900, briefly closed near $4,745, and extended losses toward $4,400 before stabilizing in the $4,750 to $4,800 range. At the trough, prices were more than 20% below the peak. As of Wednesday, February 6, at the time of publishing, gold is sitting at $4,881. Despite the magnitude of the move, the broader trend remains intact. Gold prices are still up roughly 7% over the past month and close to 70% year-on-year. Rather than reversing the 2025-2026 advance, the market repriced its ... (full story)