Gold Price: 3 Scenarios for H2 2026 After Volatile First Half

Gold has experienced extreme volatility in the first half of 2026. After rallying more than 20% in January–February, the precious metal entered a sustained downtrend, shedding nearly 30% from March through the end of the second quarter.

Market observers now identify three key scenarios that could define gold's trajectory for the remainder of the year. These range from continued bearish pressure to a potential recovery, depending on macroeconomic factors, central bank policy, and risk appetite.

No specific price targets or catalysts were detailed in the initial report.