GLOBAL BULLION TRACKER

Precious metals have staged a powerful reversal since last Friday’s market-wide liquidation.

Gold is now trading around $4,127/oz, while silver has climbed to roughly $52.98/oz.

Latest U.S. spot snapshot

Gold briefly fell below $3,900 last Friday. Less than a week later, it has reclaimed both the $4,000 and $4,100 levels.

That increasingly suggests Friday’s selloff was driven by a scramble for liquidity and forced selling rather than a fundamental breakdown in the precious-metals story.

The biggest catalyst this week has been the combination of lower Treasury yields and a weaker U.S. dollar.

A weaker dollar makes gold cheaper for buyers outside the United States, while lower bond yields reduce the opportunity cost of owning an asset that pays no interest.

Dollar weaker, yields lower, gold and silver higher.

For the moment, that relationship is working again — and the strength of the rebound shows buyers were willing to step in aggressively after last week’s decline.

The newest World Gold Council data reinforces one of gold’s strongest structural supports.

Central banks purchased an estimated 321 tonnes of gold in Q3, up 42% and the strongest quarterly buying since late 2024.

Year-to-date purchases reached 675 tonnes, prompting the World Gold Council to raise its 2026 central-bank demand outlook. It now expects purchases to at least match the 848 tonnes bought in 2025.

Gold ETFs also attracted 211 tonnes during Q3.

The message remains clear:

Institutional and central-bank demand continues to provide an important foundation beneath the gold market.

India tells the other side of the story.

The World Gold Council expects Indian gold demand to fall to roughly 650 tonnes in 2026, the lowest level since 2020.

Q3 demand fell 29% year over year, as high gold prices weighed on jewellery and investment purchases.

India remains one of the world’s most important physical gold markets, but current conditions show how rapidly rising prices can eventually slow consumer demand.

The key question has changed.

At the beginning of the week, investors were asking whether gold could reclaim $4,000.

It has.

Now the question is whether gold can hold above $4,100 and extend the recovery.

The next major U.S. economic data will help determine whether Treasury yields and the dollar continue moving in gold’s favor.

Last Friday, gold briefly traded below $3,900.

By Thursday morning, it is back above $4,100.

Silver has recovered to nearly $53.

That is an unusually sharp reversal and a reminder that the underlying demand for precious metals remains strong despite periods of extreme volatility.

For now, $4,100 gold is the new level to watch.

Global Bullion Tracker — www.globalbulliontracker.com
Reuters
World Gold Council
U.S. Bureau of Labor Statistics
Institute for Supply Management