Gold had a stellar start to 2026, hitting an all-time high near $5,600 per troy ounce in late January on massive inflows into exchange-traded funds (ETFs) that hold gold, central bank buying, a weaker U.S. dollar and economic uncertainty.
The precious metal pulled back as the war in Iran caused the dollar to strengthen and central banks to become net sellers as part of their respective geopolitical risk management processes.
