EFG Asset Management (UK) Limited / GianLuigi Mandruzzato - 02/2026
- The gold price experienced a sharp rally since 2024, peaking near USD 5,600 per ounce in January 2026, followed by a drop exceeding USD 1,000, raising concerns about a speculative bubble.
- The surge was primarily driven by three factors: rising geopolitical risk, increasing concerns over macroeconomic and financial stability, and declining confidence in the US dollar.
- Central banks, particularly in emerging markets, accelerated diversification of reserves away from US Treasuries following t...
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