Gold reclaims $4,000 as US midterm sweep sinks USD, oil plunges

A summary of the most important gold news and analysis from the last week.

Gold price: $4,096.40 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: $83.49 (2.08%)

This week’s summary of gold news and analysis.

• Gold reclaims $4,000 as US midterm sweep sinks USD, oil plunges [FXStreet]

• Gold climbs back from one-year low as dip buyers arrest slide (archive) [Bloomberg]

• Gold’s October correction was overdone - Commerzbank [Kitco]

• Gold SWOT: BMO believes lower gold prices are starting to attract physical buyers [GoldSeek]

• Gold and silver selloff is the buying opportunity of the decade - Bawden Capital [Kitco]

• Gold and silver might not be integrated into the BRICS+ common currency but are actively being accumulated by central banks [FXStreet]

• Gold in focus: Five forces changing the market [Standard Chartered]

"Explore how corporates and FIs across the gold value chain are adapting their strategies."

• How the world's use of gold has shifted since 2010 [Mining Visuals]

• Posthaste: If you think this gold price plunge is bad — just wait [Financial Post]

"All told, Capital expects gold to drop to US$3,600 by the end of next year, and silver could fare even worse."

• World Bank sees gold holding above $4,000 through 2028, but warns silver faces steeper correction [Kitco]

• Gold price forecast: Standard Chartered cuts targets but maintains $4,700 recovery [Exchange Rates]

• Brien Lundin: rising debt and currency risks could drive gold higher [Investing News Network]

"Lundin compared the current gold rally with previous bull markets, estimating that prices could reach US$6,000 to US$8,000 based on historical gains from the December 2015 low."

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Gold news from a global perspective.

• China's gold consumption reaches 684.62 metric tons in Jan-Sept [China Daily]

• China crackdown pushes wealthy to gold, lifting Hong Kong jewelry sales [Bloomberg]

• Tokenised gold bar to advance Hong Kong’s ambitions as digital, metal trading hub [SCMP]

• India's 2026 gold demand seen falling to six-year low on price rise [Reuters]

• India’s tax hike drives illegal gold imports to three-year high (archive) [Bloomberg]

• Poland central bank chief leaves door open to more gold buying after hitting 700-ton target [Mining]

• Why record gold prices can't coax new mines out of South Africa [MiningMX]

• Thailand plans new rules for stablecoins, BNPL and gold trading [Fintech News Singapore]

• You can’t wear an ETF: Designers fight for Dhanteras gold [Gulf News]

"Global ETFs drew a record $31b or Dh114b in Q3, but designers say buyers want real gold."

• Gold gained 8 of 13 times after midterms, average +14%: The full history as America votes [Kitco]

• Experts urge caution over proposed gold certificate scheme [Viet Nam News]

• Buy and sell gold with cryptocurrencies with low fees, secured and insured in professional vaults. (sponsor)

• Tether gold reserves surge 59% as physical bullion holdings hit $3.44B [Cryptorank]

Read more about gold-backed cryptocurrencies.

Gold Weekly features curated articles from various sources and is not financial advice.

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