At the end of January 2026, the main precious metals reached new all-time highs, marking the culmination of a rally that began with gold in 2022, as escalating geopolitical tensions prompted central banks and investors to increase their purchases of these safe-haven assets. Since February, however, gold and precious metal prices have come under downward pressure, driven by a combination of factors. These include the decline in demand volumes from the jewellery sector due to the high prices reached by raw materials, a reassessment of monetary policy expectations, and the outbreak of the conflict involving Iran, Israel and the United States. The war in the Middle East has severely affected one of the world’s major gold-consuming regions and has had a negative impact on investor sentiment, as investors have sought greater liquidity to cope with rising energy costs and the resulting inflationary risks.