Gold futures rallied as markets priced zero cuts in 2026.

April Gold futures erased recent losses, bouncing off the 50-week moving average to finish the week down just 1.37%. This recovery occurred while risk assets faced significant pressure, with the S&P 500 declining and the Nasdaq-100 entering correction territory. This dynamic suggests gold may be re-establishing its traditional safe-haven role, a trend that had been previously overridden by U.S. dollar strength and rising yields. Meanwhile, interest rate expectations have shifted dramatically. Markets are now pricing in zero rate reductions for 2026, pushing the probability of the first cut to December 2027. This repricing of rates has been the primary weight on Gold futures, keeping prices roughly 19% below their late January all-time highs despite ongoing global tensions.