Bullion Bottoming?

06 AUGUST 2026

Bullion Bottoming?

The volatility of the gold price has surged since the outbreak of the Iran war.

This has stemmed from an approx. 25% price decline in bullion from its all-time high around U$5,300/oz that was registered in the first quarter.

Historically, the gold price has seldom drawn down by more than 30% peak-to-trough, suggesting this pullback should be nearing an end.

For bullion to resume its upward trend, a clear catalyst is needed.

This could include an economic slowdown, more political uncertainty or renewed concerns over the servicing of extreme government debt levels.

The latter seems likely given the recent rise in bond yields.

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Bullion Bottoming?