Following a multi-year bull market that saw gold prices explode, the precious metal has been mired in a slump. Since hitting its all-time high (ATH) in January 2026, gold has fallen 22%.
While long-term catalysts—including geopolitical instability, record-high government debt, and persistently high inflation—remain in place, short-term headwinds have prevented gold from rebounding, even after a nearly 18% rally from its year-to-date (YTD) low on July 16 through the end of August.
