Amidst ongoing global economic uncertainty, gold remains a focal point of investment discussions. However, while previously this precious metal was often seen as a "safe haven" with slow and steady price increases, the narrative is rapidly changing as we approach 2026.

What the market has shown in the last two years indicates that the price of gold is no longer simply a matter of supply and demand, but is reflecting a complex shift in capital flows, sentiment, and market structure.

From the $1,900-$2,100/ounce range in 2023, gold prices entered a strong upward cycle, surpassing the $3,000 mark in early 2025 and breaking above $4,000/ounce just a few months later. This development marks a structural shift in the global gold market.

This is a clear signal that the nature of the money flow has changed. Unless a major unexpected shock occurs, from May 2026 onwards, the gold market could enter a new phase with three notable developments.

The upward trend is no longer 'smooth', prices are rising but in a jerky manner.

In the past, many investors were familiar with the scenario of "buying gold, holding it long-term, and waiting for the price to rise." However, recent events show that this trend is being broken.

Figure 1 (8).png
As gold shifts to "new rules of the game," the widening price swings make timing a major challenge for retail investors. (Image: Baidu)

While gold prices still have an upward trend in the long term, they are interspersed with sharp corrections, sometimes fluctuating by tens of USD per ounce within a few weeks.

This reflects an increase in short-term cash flow, meaning investors who do not intend to hold the assets for the long term, but instead take advantage of price fluctuations to make quick profits.