Gold Stands About 30% Below Its January Peak as Central-Bank Buying Meets Weaker Consumer Demand

Mehr reports that global gold traded near $3,926 an ounce on Tuesday, November 3, 2026 (12 Aban 1405). In Sahmino's data the session's settled close was $3,922, about 30% below the intraday high of $5,595 set on January 29, 2026. That peak is the highest level in our one-year series, and Mehr calls it a record. The one-year low of $3,872 was set on October 31.

Citing the World Gold Council, Mehr says central banks' net purchases reached 321 tonnes in the third quarter of 2026 and 675 tonnes year to date, while bar and coin demand fell 19% to 268 tonnes and jewellery demand 17% to 313 tonnes. A Reuters poll of October 27 cut the average 2026 price forecast from $4,509 to $4,495 and raised the 2027 forecast from $4,610 to $4,650. These are analysts' average forecasts, not firm price targets.