Gold May Struggle Through 2026 as US Bonds Eclipse Its Safe-Haven Appeal, BI’s McGlone Warns

Mike McGlone of Bloomberg Intelligence keeps a cautious outlook on gold extending into 2026. He believes US Treasuries are becoming a more attractive safe-haven than gold amid evolving market conditions. In his latest commodity report, McGlone noted that gold hit its highest valuation versus Treasuries in nearly four decades during the first quarter. If equity gains moderate, bonds could provide investors with a cheaper capital-protection alternative. The strategist highlighted an inflection point in the gold-Treasury relationship driven by the Fed’s renewed focus on inflation control. With potential rate hikes ahead, gold could face pressure from rising real yields. McGlone also warned that silver may follow gold lower despite robust industrial demand, estimating its current undervaluation at 18%.