Watch now: The new gold rush - Can it last?  

From the Commodities Global Summit 2026, watch the full session recording.
Speakers:

• Ruth Crowell, CEO, LBMA
• James Emmett, CEO, MKS PAMP
• Frederick Bell, President and COO, Elemental Royalty Corp
• [Moderator] Leslie Hook, Natural Resources Editor, Financial Times

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Gold’s recent record run has given way to a sharp sell-off, forcing a rethink of the metal’s role in portfolios. Despite its reputation as a steady safe haven, gold has recently exhibited pronounced volatility in the face of rising US public debt, shifting monetary policy, and heightened geopolitical tensions. Sharp corrections driven by the nomination of Kevin Warsh as Federal Reserve chair highlighted the market’s sensitivity to interest rate and dollar expectations, flushing out leveraged positions. Yet sustained central bank buying appears to be establishing a higher price floor. For miners, the picture is mixed: margins are strong, but volatility complicates long-term investment decisions. Is gold entering a phase of structurally higher – but less stable – prices, or was the surge a speculative overshoot? 

How much of the price action reflects shifting expectations for US monetary policy and the dollar? Will central bank demand continue to anchor prices, or is it vulnerable to policy or political change? How are mining companies balancing record margins with heightened price volatility? At current levels, does gold still offer portfolio protection – or diminishing returns? What are the "black swan" events that could change the gold price's trajectory from here?

• How much of the price action reflects shifting expectations for US monetary policy and the dollar?
• Will central bank demand continue to anchor prices, or is it vulnerable to policy or political change?
• How are mining companies balancing record margins with heightened price volatility?
• At current levels, does gold still offer portfolio protection – or diminishing returns?
• What are the "black swan" events that could change the gold price's trajectory from here?