Andrey Litvinov

The gold market entered 2026 in an unusual position. After delivering one of the strongest rallies in modern history, the metal suddenly appeared to lose momentum. Gold, which had more than doubled in price over the previous twelve months and briefly reached a record high of $5,595 per ounce in January, fell sharply in the wake of the Iran war.

Gold’s recent pause has puzzled many investors. After one of the strongest rallies in modern history, the metal has spent much of 2026 moving sideways, often behaving very differently from what markets typically expect during periods of geopolitical turmoil. Yet a closer look at recent developments suggests that the story of gold is no longer simply about inflation, interest rates, or even safe-haven demand.

The global gold market spent much of 2026 focused on rising prices, central bank buying and de-dollarization. But two very different stories — one unfolding in India and the other in Canada and Colombia — revealed something deeper about the modern gold trade.