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Gold Outlook: a volatile journey to a new base
In January 2026, gold posted its largest monthly gain since September 1999, before recording its sharpest monthly decline since June 2013 in March 2026. The first quarter of 2026 has therefore been exceptionally eventful for the metal. We believe gold is in the process of transitioning towards a new, higher steady state, driven by a broadening investor base. Chinese insurance companies, Indian pension funds, and digital asset issuers such as Tether represent relatively new sources of demand. At the same time, gold exchange-traded fund (ETF) inflows in both China and India have increased significantly over the past ... (full story)