Gold’s momentum might have slowed in recent weeks, but writing off its broader trajectory would be premature.
Despite the volatility, largely caused by the outbreak of the U.S.–Iran war, institutions like Wells Fargo still see gold as a compelling medium-term opportunity, rather than a trade that has run its course.
Gold’s recent pullback was in complete contrast to its blistering run. In 2025, yellow metal was a standout performer as strong central bank purchases, lingering inflation concerns, and elevated geopolitical tensions fueled the rally.
The strength carried into early 2026, before the sentiment shifted. March’s performance was the worst since 2008, as war-driven inflation erased the rate cut expectations. Since then, the market has recovered, and SPDR Gold Trust (NYSE:GLD) is currently up 11% year-to-date.
Debasement Marches On
Still, for institutional players, the bigger picture remains intact owing to the …
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