Featured Report
Gold Market Commentary: Anatomy of a fall
March was the weakest month for gold since June 2013, a move driven by deleveraging and liquidity dynamics, not fundamentals. Looking ahead, there are some green shoots for gold to re-establish its positive trend but short-term risks remain.
Gold Market Primer: Market size and structure
Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.
Gold the safe haven versus silver the wildcard
Gold and silver may fall under the same “precious metals” umbrella, but they behave very differently. Gold’s balanced demand, deep liquidity and lower volatility make it a steady diversifier that typically shines during market stress, while silver’s industrial- heavy profile and thinner market leave it more cyclically exposed and with a higher‑beta. For investors, that means gold tends to play the defensive anchor, with silver better suited as a tactical satellite that amplifies market moves. Together, they can complement each other, but they don’t serve the same role in a portfolio.
Gold Market Commentary: When the dollar turns on itself
Gold gained 5% in February on dip buying, dollar weakness and softer US Treasury yields.
Looking forward: Medium-term trend for the US dollar is likely to resume – post some near-term respite – and provide further support for gold prices.
Why gold in 2026? A cross-asset perspective
The consensus narrative of a global economy that has proved “robust” in the face of tariffs and turmoil underestimates the very real risks that remain. Investors can and should recognise the monetary and fundamental forces that have driven markets higher – especially with more easing on the way in 2026. But stretched valuations and persistent macro risks demand caution, emphasising the need for diversified portfolios. As geopolitics and shifting US policies continue to impact asset allocation, we believe there should be a focus on quality assets, such as gold.
Gold Market Commentary: Bonds a no go
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand.
Gold Demand Trends: Q4 and Full Year 2025
Gold demand hit record levels in 2025. Total gold demand (including OTC) topped 5,000t during a year which saw 53 all-time highs in the gold price. Investment fuelled the gold market last year: safe haven and diversification motives drove huge ETF inflows and exceptional bar and coin buying.
Gold Market Commentary: Precious Metal Thunder
Gold tagged its 53rd all-time PM price high for the year of US$4,449/oz on 23 December, before closing the year at US$4,368/oz. It was a stellar finish to a stellar year – posting a December return of 4.2% to take the full year return to 67%. Relatively stable FX led to similar returns across major currencies.
Gold Outlook 2026: Push ahead or pull back
Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum.
Gold Market Commentary: Technical difficulties
A momentum flush out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October.
