Spot gold pushed decisively through $4,000 an ounce during the first half of 2026, driven by persistent central bank buying, a softer trade-weighted dollar and a broader move by allocators to rebuild strategic reserves outside the traditional currency stack. The World Gold Council's official sector purchases data for 2025 already flagged the shift; the price simply caught up.
The move has been orderly rather than parabolic, which matters. Producers are earning genuine free cash flow at these levels, not paper mark-to-market gains.