New Delhi, July 4 -- At the start of 2026, the consensus view was that gold's bull market still had room to run. There was good reason for that expectation.

A long-term price chart shows the rally gathering momentum in early 2024. Since February 2024, gold has climbed from about Rs.64,000 per 10 gm to around Rs.183,000 per 10 gm, a gain of roughly 186% in less than two years, equivalent to a compounded annualized growth rate (CAGR) of 73%.

Those returns outpaced most stocks.

Then came a correction that caught many investors and traders off guard.

So, where does gold go from here? Will prices continue to fall, or is another rally likely?

The answer depends on the same forces that have long driven the gold market.

Much of gold's recen...