Gold is Not Always Gold: Why the Currency Perspective is Crucial in 2026

Many discussions about gold start and end with the dollar price. For investors in the Eurozone, this is only half the truth, as gold is also a reflection of the respective currency. This is precisely where the Monthly Gold Compass provides a helpful perspective: it shows gold returns over many years in major currencies and illustrates that “purchasing power protection” looks different regionally.  

As of the end of March 2026, the overview for gold 2026 YTD shows positive values in several currencies: in USD +8.2%, in EUR +10.0%, and in CHF +9.2% (each as of March 31, 2026).   This may sound like nuances, but it is relevant in practice: those calculating in Euros achieve a different return than those accounting in Dollars. And this difference can develop into a significant performance factor over several months.

The long-term “macro environment” is also intriguing. Since 2000, the table for gold in USD shows a total performance of +1,524.2% and a CAGR of +11.2% (until 2026 YTD).   These historical figures are no guarantee, but they explain why gold repeatedly appears in discussions regarding inflation and monetary stability.

Currently, another factor comes into play: inflation is not just a US issue, but US data shapes global interest rates and the dollar. In March, the US CPI rose by +0.9% m/m, and +3.3% year-on-year.   In such phases, the dollar can dominate temporarily – and thus also influence the Euro gold return, even if the gold story “per se” hardly changes.

Therefore, anyone wishing to understand gold should read two scales in parallel: the metal scale (how scarce and in demand is gold?) and the currency scale (in which unit of account am I measuring?). It is precisely this interplay that makes gold in 2026 a topic that goes beyond the pure spot chart.

Table: Gold – 2026 YTD until March 31, 2026 by currency  

Stay farsighted

Yours, Helge Peter Ippensen