The trading day in Asia begins with a tailwind. In South Korea, the lead index KOSPI exceeded the 7,000-point mark for the first time on May 6, 2026, ending the day with a gain of 6.45% at 7,384.56 points. In the meantime, the record high even reached 7,426.60 points. The main drivers were the large semiconductor stocks: Samsung Electronics jumped by 14.4%, SK hynix by 10.6% – both at all-time highs, together accounting for around 44% of the index weight.
This momentum is more than just daily noise. It shows how strongly capital is currently flowing to where market participants expect productivity surges: AI infrastructure, memory chips, and data centers. In such phases, gold often acts less like "the star of the crisis" and more like a calm pole in the portfolio, waiting for other impulses.
The situation on the commodities market is calming down slightly, without the burden on inflation and supply chains disappearing. Brent slipped back toward 100 US dollars per barrel on May 6, 2026 – an effect that Reuters describes in connection with hopes for a de-escalation between the USA and Iran.
At the same time, it fits that OPEC+ decided on a moderate production increase of 188,000 barrels per day for June – a step that many observers see more as a psychological signal, as geopolitical and logistical bottlenecks continue to dominate the picture.
| Market/Asset | Status May 6, 2026 | Context |
|---|---|---|
| KOSPI (South Korea) | 7,384.56 (Close), +6.45% | Record day, chip stocks dominate |
| Samsung / SK hynix | +14.4% / +10.6% | All-time highs, AI/semiconductor momentum |
| Gold (Spot) | 4,685.23 USD/ounce, +2.8% | Dollar weaker, risk reassessed |
| Brent | "around 100 USD/barrel" | Hopes for de-escalation take pressure off the peak |
Many investors intuitively expect: If geopolitical risks rise, gold must automatically rise sharply. The reality on May 6, 2026, shows why this equation often falls short. Gold did jump significantly to 4,685.23 US dollars per ounce, supported by a weaker US dollar and changed expectations for inflation and interest rates.
The crucial point, however, is that gold reacts less to the event itself than to the difference between expectation and new information. If crises are priced in beforehand, even a dramatic situation can temporarily lead to sideways phases. If a shift toward de-escalation or a change in the dollar and yields then occurs, gold often moves abruptly – as it did today.
Beneath the surface, a stable driver remains: central banks. The World Gold Council puts net central bank purchases in the first quarter of 2026 at 244 tons, with Poland (31 t) and Uzbekistan (25 t) being the largest buyers.
At the same time, there were more visible sales in the same environment, for example from countries that need short-term liquidity. It is precisely this interplay that explains why gold can be fundamentally supported without the price rising in a straight line every day.
The gold price jumped impressively again on May 6, 2026. Nevertheless, the lesson from recent weeks remains: gold is not a pure crisis button that you press and the price shoots up. Real yields, the US dollar, and the question of whether markets have already priced in escalation or are reassessing it are decisive. Central bank purchases provide a long-term anchor of stability – especially in a world where geopolitical risks and sanction regimes increasingly shape asset decisions.
Stay far-sighted, yours Helge Peter Ippensen
