Gold prices have dropped off after a historic run, but that doesn't mean the gold trade is broken, according to the World Gold Council's Q1 2026 Gold Demand Trends report. Despite the recent decline in prices, the report suggests that the underlying forces driving the rally remain. It argues that geopolitical risk remains a key driver of demand in 2026, while central bank buying, ETF flows, and bar-and-coin demand will continue to support the market. High gold prices continue to pressure jewelry demand, and supply is likely to rise only modestly. The WGC's outlook also highlighted a shift in the direction of the future of gold demand. The council expects full-year official buying levels to hover around 2025, with a target range of 700 to 900 tonnes.