Goldhub Research Investment Commentary Latest issue Investment Commentary Read the latest report Gold Market Commentary: Where floor art thou? Gold fell in October, likely on a rotation out of risk assets and gold into attractively-yielding Treasuries. The post-2011 downturn is a poor parallel for the current 25% drop from the January 2026 high. The conditions for gold to recover are much stronger. Our indicator shows that we may be close to an interim bottom. 5 November, 2026 Gold Demand Trends: Q3 2026 Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing. 3 November, 2026 Gold and Midterms: Is this time different? Prediction markets are pricing in a high chance of Democrats regaining some control of Congress. Regardless of the midterm results, historically, the gold price has reacted to the economic, fiscal and monetary policies that ensue, rather than to the outcome of election day itself. 22 October, 2026 Unearthed: Gold Holds Steady Ahead of U.S. Midterms In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack why gold has been stuck in a holding pattern, with prices largely flat after a September pullback. 21 October, 2026 Weekly Markets Monitor - Bonds back in the room Last week, Middle East tensions intensified amid attacks and continued disruptions in the Strait of Hormuz, pushing oil prices higher. President Trump also waived additional tariffs of up to 100% on major buyers of Russian energy. On the macro front, US consumer and producer inflation picked up in September, reviving expectations of further Fed tightening. Inflation also firmed in the euro area, India and China, while strong exports widened China’s trade surplus. 19 October, 2026 Digital Gold: Unlocking a $700-Billion Opportunity Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand. 19 October, 2026 Weekly Markets Monitor - Pricing fiscal risk Global markets faced heightened geopolitical risks and signs of slowing growth. Middle East tensions lifted energy prices, while the US eased sanctions on Russian diesel. Meanwhile, US fiscal and trade deficits widened, consumer sentiment weakened and Fed minutes were hawkish. In Europe, German activity slowed and UK services softened. In Asia, China’s holiday spending was uneven and the RBI raised rates by 25bps to 5.5%, its first hike in nearly four years. 13 October, 2026 Gold Market Commentary: Go with the flow September review: A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite impressive gold ETF inflows. Looking forward: UK gold ETFs delivered a stellar Q3. Fiscal concerns may be helping, but this looks less like the short-lived 2022 surge and more like a sustained shift in demand. 7 October, 2026 Prev Page 1 of 69 Next Latest research Looking for insight and analysis on gold? Our team of experts produce market-leading research and macroeconomic commentary on gold.
Gold Market Commentary: Where floor art thou? Gold fell in October, likely on a rotation out of risk assets and gold into attractively-yielding Treasuries. The post-2011 downturn is a poor parallel for the current 25% drop from the January 2026 high. The conditions for gold to recover are much stronger. Our indicator shows that we may be close to an interim bottom. 5 November, 2026
Gold Demand Trends: Q3 2026 Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing. 3 November, 2026
Gold and Midterms: Is this time different? Prediction markets are pricing in a high chance of Democrats regaining some control of Congress. Regardless of the midterm results, historically, the gold price has reacted to the economic, fiscal and monetary policies that ensue, rather than to the outcome of election day itself. 22 October, 2026
Unearthed: Gold Holds Steady Ahead of U.S. Midterms In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack why gold has been stuck in a holding pattern, with prices largely flat after a September pullback. 21 October, 2026
Weekly Markets Monitor - Bonds back in the room Last week, Middle East tensions intensified amid attacks and continued disruptions in the Strait of Hormuz, pushing oil prices higher. President Trump also waived additional tariffs of up to 100% on major buyers of Russian energy. On the macro front, US consumer and producer inflation picked up in September, reviving expectations of further Fed tightening. Inflation also firmed in the euro area, India and China, while strong exports widened China’s trade surplus. 19 October, 2026
Digital Gold: Unlocking a $700-Billion Opportunity Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand. 19 October, 2026
Weekly Markets Monitor - Pricing fiscal risk Global markets faced heightened geopolitical risks and signs of slowing growth. Middle East tensions lifted energy prices, while the US eased sanctions on Russian diesel. Meanwhile, US fiscal and trade deficits widened, consumer sentiment weakened and Fed minutes were hawkish. In Europe, German activity slowed and UK services softened. In Asia, China’s holiday spending was uneven and the RBI raised rates by 25bps to 5.5%, its first hike in nearly four years. 13 October, 2026
Gold Market Commentary: Go with the flow September review: A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite impressive gold ETF inflows. Looking forward: UK gold ETFs delivered a stellar Q3. Fiscal concerns may be helping, but this looks less like the short-lived 2022 surge and more like a sustained shift in demand. 7 October, 2026
Gold Market Commentary: Where floor art thou?
Gold fell in October, likely on a rotation out of risk assets and gold into attractively-yielding Treasuries. The post-2011 downturn is a poor parallel for the current 25% drop from the January 2026 high. The conditions for gold to recover are much stronger. Our indicator shows that we may be close to an interim bottom.
Gold Demand Trends: Q3 2026
Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing.
Gold and Midterms: Is this time different?
Unearthed: Gold Holds Steady Ahead of U.S. Midterms
Weekly Markets Monitor - Bonds back in the room
Last week, Middle East tensions intensified amid attacks and continued disruptions in the Strait of Hormuz, pushing oil prices higher. President Trump also waived additional tariffs of up to 100% on major buyers of Russian energy. On the macro front, US consumer and producer inflation picked up in September, reviving expectations of further Fed tightening. Inflation also firmed in the euro area, India and China, while strong exports widened China’s trade surplus.
Digital Gold: Unlocking a $700-Billion Opportunity
Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand.
Weekly Markets Monitor - Pricing fiscal risk
Global markets faced heightened geopolitical risks and signs of slowing growth. Middle East tensions lifted energy prices, while the US eased sanctions on Russian diesel. Meanwhile, US fiscal and trade deficits widened, consumer sentiment weakened and Fed minutes were hawkish. In Europe, German activity slowed and UK services softened. In Asia, China’s holiday spending was uneven and the RBI raised rates by 25bps to 5.5%, its first hike in nearly four years.
Gold Market Commentary: Go with the flow