Gold Prices Pause After Rally, LBMA Fix at $4,948/oz
Investor activity showed signs of moderation, with gold ETF holdings and futures net-long positions reduced.
SEATTLE (Scrap Monster): Gold prices stabilized last week after a volatile rally, as market sentiment cooled and positioning eased across major investment channels. The LBMA Gold Price PM ended the week at US$4,948 per ounce, marking a modest 0.7% week-on-week decline. Despite the pause, gold remains one of the strongest-performing assets in 2026, up 13% year to date and outperforming most global asset classes.
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Investor activity showed signs of moderation, with gold ETF holdings and futures net-long positions reduced. Options traders also temporarily scaled back exposure, leading to lower implied volatility and signaling expectations of less extreme price swings in the near term. Even so, spot gold has reclaimed the US$5,000 per ounce level, suggesting underlying demand remains intact.
From a technical perspective, the 76.4% Fibonacci retracement at US$4,874 per ounce is acting as initial support, followed by a secondary level near US$4,427 per ounce.
Macro and geopolitical factors remain influential. Upcoming U.S. payroll and inflation data could shape expectations for an interest rate cut, while mixed geopolitical developments, including U.S.-Iran talks and ongoing Russia-Ukraine tensions, continue to underpin gold’s appeal as a strategic hedge.