The gold correction 2026 began after the all-time high of $5,595 per ounce reached in late January: in March the metal gave back intraday gains of roughly 25%, entering a deep corrective phase. Several factors weighed on it, first among them investors’ use of gold as a source of liquidity in a context of global uncertainty. Equally decisive was the restrictive monetary policy introduced to counter inflation driven by high energy costs, which replaced the earlier expectation of an interest rate cut.Dopo aver raggiunto un massimo storico di $5.595 l’oncia alla fine di gennaio, l’oro è entrato in una profonda fase correttiva, perdendo guadagni intraday pari a circa il 25% nel mese di marzo. La correzione dell’oro del 2026 ha avuto diverse cause, prima fra tutte l’utilizzo del metallo come fonte di liquidità da parte di molti investitori in un contesto di incertezza globale. Determinante anche la politica monetaria restrittiva imposta per contrastare l’inflazione legata al caro energia, subentrata allo scenario di attesa di un taglio dei tassi d’interesse.
Although the price of gold underwent a significant correction starting in March 2026, it is important to stress that the fundamentals supporting the precious metal remain unchanged over the medium to long term. The uncertain geopolitical situation keeps investor interest in safe-haven assets alive, and among them gold continues to strengthen its position structurally.
Central Banks: Gold Demand Remains Strong
Demand for gold from central banks remains solid: despite some Countries unwinding positions (Azerbaijan, Turkey, Russia), official reserves grew by 244 tonnes in the first quarter alone.
La Polonia, in particolare, rimane fissa nel suo obiettivo di raggiungere le 700 tonnellate entro la fine dell’anno – attualmente, le scorte del Paese ammontano a circa 600 tonnellate.
During 2025, gold officially overtook US Treasuries within official reserves, rising from 20% at the end of 2024 to 27%. US government bonds, by contrast, fell by 22%, confirming the cautious stance of central banks in the face of an unstable geopolitical backdrop. This shift signals a long-term change in the preferences of central institutions, which see gold as a more reliable reserve asset in a multipolar world.
Gold in the Short Term: a Physiological Consolidation
The short-term picture is more uncertain, showing a physiological consolidation phase after three consecutive years of gains:
- 2023: +13,1%;
- 2024: +27,2%
- 2025: +64,6%
The aforementioned rise in bond yields should not be underestimated, as it weighs on the precious metal by increasing the opportunity cost of holding an asset that generates no coupon. The correction of recent months does not therefore represent a reversal in gold’s upward trend, but rather an entry opportunity near technical support levels.
Gold Technical Levels: Support and Resistance
Prices are holding above the critical threshold of $4,300 per ounce: as long as this support is not broken, the medium-term trend will remain bullish. At the opposite end sits a resistance at $4,833 per ounce, a level corresponding to the static area from which the downward move of late January began. Monitoring these two levels helps investors frame the current phase: a bounce off support would confirm the soundness of the underlying trend.
Source: https://www.mps.it/static/upload/oro/oro_focus_giugno-2026.pdf
