Gold at record highs — Sourced Brief & Market Exposure

Gold's LBMA PM quarterly average hit a record US$4,873/oz in Q1 2026, after a January peak of US$5,405/oz and a 6% quarterly return.¹

•Central banks bought a net 244 tonnes in Q1 (+3% y/y), led by Poland — structural accumulation continuing despite some selling.¹
•Gold is absorbing the conflict-driven safe-haven bid and steady central-bank demand at the same time.¹
•That combined bid is currently dominating the real-rate headwind from a Fed holding restrictive at 3.50–3.75%.²

Ticker	Direction	Rationale
GLD	▲	safe-haven flows plus central-bank demand¹
GDX	▲	miners gain operating leverage to the gold price¹
NEM	▲	senior producer leveraged to bullion¹
SLV	▲	silver tracks the precious-metals bid¹

Limitations · Conflict de-escalation is the main downside risk; a further real-yield rise from the Fed's restrictive hold would test the bid.

as of 14:30 UTC

Researched snapshot, verified late June 2026 — a point-in-time example of the brief anatomy. Run the live brief below for current sourcing.

Gold at record highs — sourced brief & market exposure