Overview
- Spot prices hover around $4,300 per ounce after touching a near‑term peak close to $4,400 earlier in October.
- Official-sector buying remains a key driver, with China adding to reserves monthly this year and broader de‑dollarisation concerns following 2022 Russia sanctions boosting demand.
- Bank of America raised its 2026 forecast to $5,000 per ounce, and several analysts project a move toward $5,000 next year.
- CFD and futures activity has jumped, with Rostro reporting gold instruments comprise roughly 50% to 90% of volumes depending on geography and metals accounting for over 60% of global broker volumes in H1 2025.
- Risk controls are tightening as OANDA Japan cautions traders and firms such as CMC Markets and IG lift maintenance margins for gold, while the FBI warns of courier scams targeting bulk cash or gold from victims.