Gold Bull Market 2026: SocGen Highlights Structural Demand and Limited Downside - News and Statistics - IndexBox

AI desk brief

Societe Generale says gold remains in a sustained uptrend through 2026, driven by structural demand rather than short-term speculation. The bank points to August ETF inflows of 201 tonnes — the third-largest monthly total ever — and near-record speculative length, with money managers’ notional long exposure the second-highest on record even after gold had fallen about $1,000/oz from its January 2026 peak above $5,400/oz.

SG argues the market is being underpinned by a mix of call buying, reduced volatility, ongoing central bank purchases and dedollarization flows, which is creating a higher support floor for prices. It also says much of the Fed hawkish repricing has already been absorbed, making the downside look increasingly constrained even with two-year Treasury yields above 4% and the dollar firmer.