Gold: weekly briefing
4 Nov – 11 Nov 2026
Top stories
- Central banks keep buying gold as China extends streak to 24 months (Kitco News, 10 Nov) — Kitco reported World Gold Council data showing China bought 26 tonnes in October, and central bank buying in the third quarter reached 321 tonnes. Analysts cautioned that purchases appear price-sensitive and do not imply a firm floor.
- Goldman Sachs cuts 2026 and 2027 gold forecasts on hawkish Fed (Mining Weekly, 5 Nov) — Goldman Sachs lowered its end-2026 gold forecast to $4,150 an ounce and its end-2027 forecast to $4,800, citing the Fed's more hawkish stance. The bank still sees structural central bank demand as supportive.
- Russia sells gold reserves to fund war deficit, ships gold to China (United24 Media, 4 Nov) — Citing the Moscow Times and World Gold Council data, United24 reported Russia's central bank sold 18.66 tonnes in Q3, more than any other. About 100 tonnes of Russian-origin gold reportedly entered Hong Kong in January–July.
- Egypt's gold-mining crackdown on Sudan border kills two officers (Ynet News, 7 Nov) — Egypt's military said two officers were killed in clashes during its gold-mining crackdown, and that 691 people had been detained. Ynet's analysis argues that Sudan's war is producing security effects beyond its borders.
- Singapore launches gold vaulting service for foreign central banks (Mining Weekly, 10 Nov) — The Monetary Authority of Singapore said it will launch a bullion vaulting service for foreign central banks, with room for 500 metric tons. Live trading and market operations are expected to start by March 2027.
Trends
The dominant thread this week was official-sector demand set against a hawkish monetary backdrop. Central banks kept buying, with the World Gold Council reporting third-quarter purchases 42% above a year earlier, and China extending its buying streak. This continues last week's strengthening of official demand. Russia's selling runs the other way, as its central bank drew down reserves to help fund a record wartime deficit. Goldman Sachs tied its forecast cuts to the Fed's more hawkish stance, the same rate pressure behind last week's one-year low, though it still sees central bank demand as supportive. Gold's brief rebound on lower oil prices suggests inflation worries eased. The Singapore vault and the Egyptian mining crackdown stand apart from the price narrative.
What it means (opinion)
Opinion: This week suggests official buyers are helping to build a floor under gold, while near-term direction still hinges on rates and oil. The World Gold Council itself warns that central bank purchases are price-sensitive and not a firm floor, and Goldman Sachs's trimmed forecasts show that major banks expect softer prices before any rebound. Russia's reserve sales add supply and show how a sanctioned state is using gold to cover budget gaps, while Singapore's vaulting offer could shift custody choices in Asia. Next week, watch US inflation signals and oil prices, which Goldman identifies as key drivers, and whether China and Poland keep buying after reaching their targets. Egypt's border campaign is a separate risk to monitor for spillover, as Ynet's analysis argues.
AI-assisted summary of public reporting; the analysis is opinion. Sources are linked above.