The first six weeks of 2026 marked a record-breaking yet turbulent phase for gold. International gold prices scaled 12 all-time highs, breached US$5,400/oz,1 and then corrected sharply at the end of January. Despite the pullback, prices have largely hovered around the US$5,000/oz level,2 signifying resilience. January closed with a 14% gain,3 the eighth consecutive monthly advance, with prices up a further 0.3% as of 13 February (Chart 1). Strong gold ETF inflows, persistent and widening geopolitical risks, and US dollar weakness powered the gains. Domestic gold prices mirrored the move in international prices, ... (full story)