Gold
China’s central bank accelerated gold purchases in the third quarter, adding 63 tonnes, while gold-backed ETF holdings reached a record 304 tonnes. Physical demand remained weaker as jewellery consumption weighed on wholesale gold demand.
Gold held near $4,164 per ounce on October 19 as lower oil prices eased some inflation concerns ahead of the Federal Reserve’s next policy meeting. Traders largely expect rates to remain unchanged this month but continue to price a possible December increase.
Gold rebounded more than 1% as the U.S. dollar and Treasury yields retreated, but FOREX.com analyst Fawad Razaqzada remains cautious on whether a durable bottom has formed, with key support clustered around $4,070-$4,100.
Gold rebounded more than 1% on October 15 as the U.S. dollar retreated and Treasury yields fell to a three-week low. The recovery follows a failed breakout and sharp post-CPI selloff, leaving $4,100 support and $4,200 resistance as the next key levels.
Gold ended last week at $4,186 an ounce, down just 0.1%, as lower bond yields and continued ETF buying offset a firmer dollar and reduced futures positioning. Rising government debt concerns are emerging as another important source of investment demand.
U.S.-listed gold ETFs now account for less than half of global holdings as Asian investors take a larger role in bullion demand. The shift comes as gold extends a six-week correction and speculative COMEX positioning continues to decline.
Gold prices are showing signs of stabilisation following a 14% decline from their August high, despite the US dollar index reaching an 18-month high.
Gold briefly climbed above $4,200 an ounce on October 12 as lower oil prices and hopes for reduced energy-supply pressure eased inflation concerns. The rally later reversed, with bullion falling below $4,180 as the dollar strengthened and oil rebounded ahead of key U.S. inflation data.
Central bank gold demand has supported the market even as higher yields have hammered the metal lower.
Global physically backed gold ETFs attracted approximately $10 billion in September, lifting third-quarter inflows to a record $31 billion. World Gold Council data showed holdings rising 67 tonnes to a record 4,256 tonnes even as lower gold prices pushed total assets under management down 7%.
Gold rebounded from a two-month low as the dollar eased from an 18-month peak. Spot bullion rose 0.5% to US$4,132.66 per ounce, while traders continued to assess the likelihood of another Federal Reserve interest-rate increase before year-end.
Global central banks reported net gold purchases of 39 tonnes in August 2026, taking publicly reported year-to-date buying to approximately 170 tonnes. China led the month with 20 tonnes, while Poland remained the largest reported buyer of the year with 98 tonnes added.
Former senior CIA official David J. Rush pleaded guilty to wire fraud in a scheme that caused approximately $194 million in government losses. FBI agents recovered 298 gold bars costing the government about $46 million, more than $2.1 million in cash and numerous luxury assets.
However, market sentiment improved later after softer U.S. August PCE inflation and weaker payroll figures reduced expectations of additional Federal Reserve tightening.
Gold fell 0.9% to $4,153 per ounce as elevated Treasury yields and a stronger dollar outweighed sharply lower expectations for an October Fed hike. Managed Money longs declined for a fifth week, while gold-backed ETFs continued attracting investment.
HSBC cut its 2026 average gold forecast to $4,490/oz from $4,560 and lowered its 2027 average to $4,825. The bank expects high yields, oil prices and dollar strength to pressure bullion near term but still sees structural support from central-bank demand, fiscal concerns and reserve diversification.
The September US nonfarm payrolls report is due at 1230 GMT. Data on Wednesday showed US inflation increased less than expected in August and price pressures were more moderate in the prior month than previously reported.
Gold's technical picture weakened after Monday's selloff broke an important support structure and a rebound stalled near $4,200. FOREX.com analysis identifies $4,100 and the more significant $4,000 area as the next key support zones as Treasury yields and Federal Reserve expectations remain in focus.
Tanzania's gold export earnings surged 37.4% to $5.67 billion in the year ending July 2026, accounting for 47.4% of goods-export earnings. The Lake Zone remains the country's mining center as established producers operate alongside a growing pipeline of developing gold projects.
Electronics recycler ERI has become a strategic investor in Cyclic Materials, expanding a partnership that connects large-scale e-waste collection with specialized rare earth recovery. Cyclic's recent $75 million financing round brought its total equity funding to $237 million as it expands U.S. processing capacity.
China’s Golden Week holiday could bring a seasonal lift to gold jewellery demand after purchases fell sharply in the first half of 2026. The World Gold Council says recent price stability and holiday spending may unlock some postponed buying.
The US dollar was steady near a two-month high, and oil prices spiked about 3 percent as US President Donald Trump rejected an Iranian offer to resolve the conflict and reopen the Strait of Hormuz.
Despite efforts to substitute or minimise gold, it looks difficult to eliminate gold’s usage from sophisticated and safety-critical electronics.
Gold fell 1.5% to $4,223.95 per ounce as higher oil prices revived inflation concerns and strengthened expectations for further Federal Reserve tightening. Silver, platinum and palladium also declined sharply.
Oil prices steadied after surging Thursday as the U.S. and Iran remained at an impasse over reopening the Strait of Hormuz, a critical route for global energy supplies.