Gold has rebounded above the $5,000 per ounce mark as investors refocus on structural demand drivers and geopolitical concerns, following a turbulent start to February. The precious metal has seen renewed strength after last week’s sharp correction, with early Asian trading on Monday pushing prices to around $5,035.
The recovery reflects a combination of weaker US dollar sentiment, central bank accumulation, and renewed interest in gold as a strategic asset amid macroeconomic uncertainty. Of particular relevance to long-term investors is the People’s Bank of China extending its gold buying streak to a fifteenth consecutive month, increasing reserves to 74.19 million troy ounces by the end of January.
Ongoing demand from the official sector has added a layer of stability to the gold market, which experienced pronounced volatility following recent developments around the US Federal Reserve. Political friction surrounding the nomination of a new Fed chair has introduced fresh questions around the institution’s independence.
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