Gold and US dollar volatility reshapes global financial strategies in 2026

Recent financial shifts have brought volatility to gold and the US dollar, according to TBC Capital's latest macroeconomic update. The report also highlights changing trends in currency strength, with expectations that the euro will gain ground once geopolitical tensions ease.

Gold prices have seen sharp swings over the past year. From around $2,500 in early 2025, they surged to a peak of $5,598 before settling near $4,673 by April 2026. The recent drop came not from safe-haven demand but from rising inflation concerns and higher interest rates. A stronger US dollar also added downward pressure on gold.

The US currency itself has shown mixed signals. While it strengthened globally over the last month, its long-term outlook remains uncertain due to structural challenges. Meanwhile, the Georgian lari has held steadier against the euro than the dollar over one-year and longer periods. TBC Capital's analysis suggests Georgia's economic cycles align more with the European Union than the US. This connection supports their recommendation for euro-denominated borrowing as the optimal financing strategy. However, the report notes that loan portfolio structures should still be tailored to individual needs.

TBC Capital anticipates a stronger euro once geopolitical risks subside. For now, gold's volatility and the dollar's shifting role as a safe-haven asset reflect broader economic uncertainties. Borrowers in Georgia may find euro-based loans more stable, given the lari's relative resilience against the European currency.