The gold price rebounded above $4,100 in early November 2026, after falling below $4,000 at the end of October. The gold price reached $4,134.83 by 5 November, up from $3,902.03 on 2 November, as the dollar and Treasury yields fell. Silver also recovered, rising to $53.12 by 5 November from $50.08 on 2 November. On 9 November, Reuters reported spot gold up 0.7% at $4,094.43 and silver up 1.2% at $52.51, showing the recovery was holding.
Gold fell below $4,000 an ounce on 30 October, dropping by 3.5% on the day and closing October down 6.9% at $3,898.90, while silver lost 18.6% to $49.28. It was the first time gold had closed below $4,000 since October 2025. Reuters linked the fall to a sell-off in technology shares that forced selling of liquid assets, including gold, as investors needed cash to meet margin calls. The World Gold Council described the move as a leveraged repricing, rather than a change in long-term demand.
Gold Price
Investment demand remained strong through the fall. Global gold exchange-traded funds added 19 tonnes, worth $2.7 billion, in October, taking holdings to a record 4,275 tonnes. Central banks bought about 321 tonnes in the third quarter, up 42% year on year, and about 675 tonnes in the year to date. CPM Group estimates gold investment demand at a record 66.7 million ounces in 2026, up from about 28 million ounces in 2023.
For UK buyers, the international gold price was $4,066 an ounce on 6 November, down $65 on the day, according to Reuters, after touching a record high in local terms a day earlier. In the United Kingdom, gold is often bought as coins or bars, or held through funds, as a hedge against inflation and currency moves. With UK inflation at 3.5% and Bank Rate at 4%, gold pays no interest, while banks and bonds do, which can dull its appeal when rates rise.
Analysts said the $4,000 level is now a key test. CPM Group believes gold and silver may have formed a temporary bottom around $4,000, while the World Bank forecasts gold at about $4,250 in 2027 and about $4,000 in 2028. Investors will watch the United States inflation report on 10 November and the Federal Reserve meeting on 8-9 December for clues on rates and the dollar, both of which affect gold.
Source: Discovery Alert
