After a period of relative calm, gold has re-emerged as a focal point for investors amid geopolitics, shifting central bank strategies, and evolving global demand. How should investors interpret gold’s recent volatility, and what does the outlook hold as we move through 2026?

In this episode of Julius Baer’s Moving Markets:The View Beyond, Ayako Lehmann is joined by Carsten Menke, Head of Next Generation Research, and Chris Irwin, Head of FX and Precious Metals Trading Asia at Julius Baer, to discuss the drivers behind gold’s remarkable run, the impact of central bank activity, and the changing dynamics of investment demand. The conversation covers gold’s behaviour during recent global shocks, the significance of central bank buying (and selling), the evolving role of ETFs, and the influence of Asian and Indian markets. The episode concludes with an outlook for gold through the remainder of 2026, highlighting both the structural and cyclical forces at play.

(00:00) - Introduction
(01:21) - Lessons from recent events
(03:08) - The role of geopolitics in gold’s long-term performance
(04:15) - Central bank buying
(06:16) - A multipolar world and central bank strategies
(07:10) - Investment demand and the shifting role of ETFs
(09:15) - US monetary policy
(10:45) - Trading trends in the US and China
(12:51) - China’s investment flows and retail participation
(13:44) - India’s import tax hike and its impact on gold demand
(15:57) - Outlook for gold in 2026
(18:28) - Closing remarks and legal information

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The View Beyond: Waiting for the gold rally to resume

Moving Markets

The View Beyond: Waiting for the gold rally to resume