The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold eases at the start of the week
Gold slipped to about $4,183.89 an ounce on Monday, down 0.24% on the day. On Trading Economics' figures it is 2.68% lower over the past month but still 1.77% higher than a year ago, and well below January's all time high of $5,608.35 (Trading Economics).
A two month low, then a Friday rebound
Bullion fell to a two month low midweek before rising for a second straight session on Friday and touching a one week high, as bargain buying emerged (Reuters, via Kitco). Kitco's morning report put the recovery down to a softer US dollar, easing Treasury yields and a pullback in oil prices (Kitco).
Gold ETF holdings reach a record
Global gold ETFs took in about US$10bn in September, lifting holdings by 67 tonnes to a record 4,256 tonnes even though the price fell over the month. Third quarter inflows reached a record US$31bn, and UK listed funds had their strongest quarter on record (World Gold Council).
Central banks keep buying
Central banks reported net purchases of 39 tonnes in August, taking the year to date total to 170 tonnes. The People's Bank of China added 20 tonnes, its 22nd consecutive month of buying, while Poland and Uzbekistan each added 8 tonnes (World Gold Council, via Kitco).
Indian futures dip as the festive season nears
December gold futures on India's MCX fell 0.66% to ₹1,50,493 per 10 grams on Monday morning, a move attributed to profit booking and a stronger dollar (Sunday Guardian). The final quarter is India's peak season for buying, with Indians purchasing almost 240 tonnes in that quarter on average over the past four years, according to World Gold Council data (Mining.com).
Yields and US inflation stay in focus
Early last week gold held near $4,138 as prices data in the ISM survey kept US yields elevated (Kitco). This morning, traders in India and elsewhere were reported to be watching US inflation figures and signals from the Federal Reserve on the rate outlook (Sunday Guardian).
The Week in Gold
It was a week of two halves. Gold started under pressure, with elevated US yields weighing on it and a slide to a two month low by midweek, then recovered on Thursday and Friday as the dollar, yields and oil all eased; Kitco showed the price at $4,193.60 by 11 October, and Reuters reported the metal heading for a weekly gain. Underneath the price, investment demand stayed firm, with ETF holdings at a record and central banks still adding. The week ahead turns on US inflation data and what it means for the Federal Reserve, with the Indian festive season beginning to matter for physical demand.
Sources: Trading Economics, Reuters, Kitco, World Gold Council, Sunday Guardian, Mining.com. Compiled Monday 12 October 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.