Gold Volatility Spurs H2 Buying Calls for Miners Near $4,100

Gold traded below $4,100/oz on July 5 after sharp H1 2026 swings, down 15% in Q2 alone. The metal had climbed from roughly $1,800/oz five years earlier to peaks above $5,600 in January before inflation fears, tighter policy bets, and a stronger dollar triggered the steepest quarterly drop in 13 years. Central-bank purchases remained robust at 474 tonnes in Q1, with nearly 90% of banks planning further acquisitions. Analysts now frame the pullback as a potential entry point for select miners, citing Newmont’s net-cash position, $6 billion buyback capacity, and Centerra Gold’s 30%+ NAV discount as factors supporting a possible H2 recovery if prices stabilize.