Gold continues to defy gravity, trading around $4,160 per ounce into the weekend and keeping the 2026 rally intact. The usual suspects are all in play: central-bank buying, inflation that won't quite settle, and a geopolitical backdrop that keeps hedges bid.
Retail positioning remains notably long, which cuts both ways: it confirms the trend's popularity and raises the stakes on any sharp pullback.
For FX traders, the gold bid continues to echo in AUD (producer) and CHF (haven) flows, and real-yield moves remain the cleanest fundamental compass for the metal.