Thiago Duarte, market analyst at Axi/Image: SuppliedGold has emerged as one of the strongest-performing assets heading into 2026, confounding expectations that its appeal would fade as markets stabilised. According to Thiago Duarte, market analyst at Axi, the current bull run is less about panic buying and more about eroding confidence in fiat systems. “Gold’s inverse relationship with the dollar remains intact, but its relationship with risk assets has become more nuanced,” he said. From a structural perspective, gold’s role appears to be evolving rather than peaking. Taken together, the dynamics underpinning gold’s rally suggest a shift in how the metal is being used by investors.