Weekly Market Monitor
Chart of the Week: A Golden Rally
Gold’s recent volatility has raised questions about whether its scorching rally may be coming to an end. Historically, annual gold returns have been strongly correlated with the previous year’s returns, as gold markets are driven by slower-moving macro trends, supply is fairly inelastic, and there is considerable price-following speculative activity. We expect that gold will continue to move higher, supported by central banks’ efforts to diversify their reserves, rate cuts and geopolitical tensions, though we would not be surprised to see more volatility along the way.
Source: Goldman Sachs Investment Strategy Group and Goldman Sachs Asset Management. As of January 5, 2026. Data since 1988, the longest common time period. Past correlations are not indicative of future correlations, which may vary. For Illustrative Purposes Only. 'We' refers to Goldman Sachs Asset Management.
Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.
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