Yesterday Monday’s correction in the price of gold has generated concern among some savers. But not every decline is a warning signal. Often, it is simply a pause within a much more solid underlying trend.

The first thing that must be clarified is that we are not facing a paradigm shift. The fall in the price of gold is framed as a specific technical correction, after weeks —and months— of strong revaluations. When an asset accumulates significant gains, it is common for part of the market to take profits. Therefore, it does not weaken the asset, but rather normalizes it.

Gold does not behave like a speculative stock or a highly volatile cryptocurrency. Its behaviour responds to slow, deep and, above all, global macroeconomic forces.

First factor: the dollar and interest rates

One of the main drivers behind the decline has been the rebound of the dollar and the movement of real interest rates.

When the dollar strengthens, gold —which is priced in this currency— becomes relatively more expensive for international buyers. This reduces short-term demand and puts downward pressure on the price.

In addition, any expectation of higher interest rates for longer works against gold in the short term. Not because gold loses intrinsic value, but because it does not offer financial yield. It competes with bonds and deposits, and when these promise higher immediate returns, part of the capital temporarily shifts.

Second factor: less fear… for now

Gold is, by definition, a thermometer of systemic fear. In recent days, markets have priced in a slightly more optimistic scenario: less negative macroeconomic data, lower immediate tension in financial markets and a sense —perhaps excessive— of control by central banks.

When fear subsides, gold takes a breath. But that does not mean that risks have disappeared; it means that the market, often myopic, looks only at the short term.

Third factor: short-term speculative movements

A significant part of the price of gold moves in futures and derivatives markets. Here, funds and operators intervene who do not buy gold to protect wealth, but to speculate on price. When these actors detect technical resistance levels or changes in sentiment, they execute rapid sell-offs that amplify movements. Therefore, we are dealing with noise rather than fundamentals.

In fact, according to data from the World Gold Council, structural demand for physical gold —especially from central banks and long-term wealth investors— remains solid.

What has not changed

Nothing that underpins gold as a safe-haven asset has changed, not even minimally. Global debt continues to grow at a faster pace than the real economy, with states and governments trapped in a permanent refinancing dynamic that is only viable through further monetary issuance.

Fiat currencies, detached from any real asset for decades, continue to lose purchasing power structurally —a slow but constant process that erodes savings quietly. Added to this is a fragmented geopolitical landscape, with open conflicts, increasingly closed economic blocs and growing distrust among major powers. It is no coincidence that, in this context, central banks —the very institutions that print money— are accumulating gold as they have not done for decades. When those who issue money seek refuge in a tangible asset, the message is clear.

For this reason, a temporary drop in the price of gold does not invalidate in any way the structural trend that supports it. On the contrary, it is part of its natural behaviour within market cycles. Historically, gold does not rise in a straight line, but advances with pauses, corrections, and necessary breathing phases after sustained upward moves. These corrections are not signs of weakness, but market-cleansing mechanisms, often caused by short-term speculative movements or temporary changes in sentiment.

Viewed with perspective, they have repeatedly been moments of opportunity for patient savers, not threats to the asset’s underlying value. Gold is not designed to reassure us every day, but to protect us when the system falters. And that remains fully valid today.

Gold is not an asset to watch every day, nor to judge by headlines. It is an asset designed to protect value over time, precisely because it does not depend on immediate market noise. Those who understand this are not unsettled by a temporary decline; they place it within a broader cycle. At 11Onze we speak of conscious saving, informed decisions and the ability to look beyond short-term fluctuations. Understanding gold not as a bet, but as a form of wealth insurance, is key to preserving the value of savings in an increasingly uncertain world.

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