Gold entered May 2026 trading between US$4,518 and US$4,647 per ounce, approximately 17% below its January 29, 2026 all-time high of US$5,595. Hormuz-linked oil inflation held US Consumer Price Index growth at 3.3% year-on-year in March 2026, keeping the Federal Reserve on hold at 3.50% to 3.75% and sustaining elevated real Treasury yields. The World Gold Council's Q1 2026 Gold Demand Trends report shows quarterly gold demand value reached a record US$193 billion on a 74% year-on-year price increase while supply grew only 2%, creating conditions for sustained margin expansion in producer equities and net present ... (full story)