The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold ends the week a touch softer, holding above $4,100
Spot gold finished Friday 16 October at about $4,165 an ounce, with the daily price table showing an intraday low near $4,073 on Wednesday before buyers returned (Investing.com). On Thursday the ounce was quoted at $4,149 as prices recorded gains on the day (Arab Finance). The week was a quiet consolidation rather than a retreat, with the price still close to its recent highs.
Gold ETF holdings reach a record 4,256 tonnes
Physically backed gold ETFs took in about $10bn in September, lifting third quarter inflows to a record $31bn, and global holdings rose 67 tonnes to a record 4,256 tonnes even though the gold price fell over the month (World Gold Council). Every region recorded inflows, led by Europe and North America, with US funds adding $3.8bn on their own (World Gold Council).
British investors lead the way on gold funds
UK-listed gold funds recorded their strongest quarter on record and have marginally overtaken Chinese-listed funds as the largest single country source of inflows so far this year (World Gold Council). It is a striking sign of how many investors at home are now choosing to hold gold.
Central banks keep adding, led by Poland and China
In the twelve months to July 2026 the central banks reporting to the IMF added a net 290 tonnes of gold, close to the 296 tonnes of the year before, with Poland (125 tonnes), China (66 tonnes) and Kazakhstan (61 tonnes) the largest buyers and Russia and Turkey the largest sellers (thetrading.tools, from IMF data). In its own survey, 89 per cent of central bankers said they expect global gold reserves to rise over the next twelve months (World Gold Council).
Miners report strong quarters at high realised prices
West African Resources produced 127,950 ounces in the September quarter from its Burkina Faso operations at a realised price of US$4,240 an ounce (ASX announcement). Colombia's Mineros lifted third quarter output 14 per cent year on year and raised its full year outlook, while Coeur Mining raised its 2026 production outlook after completing its acquisition of New Gold (La Republica, The Northern Miner).
India's festive season underpins physical demand
Indian gold prices were described as range bound in mid October, supported by festive Navratri buying, with 24 carat gold at about 14,929 rupees a gram on 13 October (PSU Connect). The final quarter is traditionally India's peak season for gold, with Diwali and the wedding season ahead (World Gold Council).
Sources: Investing.com, Arab Finance, World Gold Council, thetrading.tools, ASX, La Republica, The Northern Miner, PSU Connect. Compiled Sunday 18 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.