Market ReportApril 15, 2026LBMA Precious Metals Market Report: Q1 2026Read the latest LBMA Precious Metals Market Report, which covers the period of the first quarter of 2026.

LBMA’s Q1 2026 Precious Metals Market Report says gold’s first quarter was “unprecedented,” with the metal trading in a 29.04% low-to-high range and briefly holding above $5,000 for more than 70% of auction sessions through 17 March. Gold first hit $5,093.55 on 26 January, then faded into the high $4,000s to close Q1 at $4,608.35/oz (pm), still up 5.05% on the quarter after a 10.86% gain in Q4 2025. The report argues geopolitics, not just US macro, drove the January surge. A US strike in Venezuela and capture of Nicolás Maduro helped push gold 3.15% higher from $4,352.95 on 2 January to $4,456.40 by 5 January. Later, Iranian threats and broader Middle East tensions reinforced safe-haven demand, while the Dollar Index fell more than 3% between 16 January and 28 January on weak US employment data, helping propel gold to a record $5,501.70 on 28 January. Near term, the key message is that gold’s price action has become highly sensitive to geopolitical shocks and USD moves, with round-number levels triggering FOMO-style momentum. The report suggests the market’s ability to sustain extreme highs remains uncertain, even after a very strong quarterly gain. Traders should watch for further dollar weakness, escalation risks, and whether gold can rebuild traction back above $5,000 after the Q1 pullback.