Gold Market Enters Comprehensive Bull Pattern Amid Record Capital Demand
The gold market has entered a comprehensive bull market pattern in 2026, according to Société Générale's analyst team.
The core driver of the market is no longer short-term speculative capital, but rather a broad structural consensus among all market participants favoring a bullish outlook, said Michael Haigh and Jeremy Salem.
The gold price increases were initially triggered by geopolitical risks, but after several months of evolution, the underlying logic supporting the market has been thoroughly upgraded. Retail investors, professional asset management institutions, and derivatives traders are simultaneously increasing their positions in physical gold, gold futures, and gold options, providing a diversified and solid foundation for the upward trend.
Société Générale emphasizes that capital demand in the gold market hit a historic record in August 2026, supporting the resilience and strength of gold prices. Gold ETFs recorded a monthly net inflow of 201 tons in August, marking the third-highest monthly increase in the history of global gold ETFs.