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Gold Report

Why gold remains under pressure, for now

Monday, 02 November 2026, written by Edward Markus

AI investment and government deficits are proving insensitive to higher rates, forcing the Fed and ECB to keep tightening until something breaks. We explain why this favours the dollar over gold in the near term, and which triggers, from a tech sell-off to an oil shock, could reverse the trade.

This report is published: Bi-weekly

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Previous reports

Gold caught between interest rates and uncertainty

Monday, 19 October 2026

Rising real interest rates are weighing on the gold price, but geopolitical tensions, doubts about AI and concerns about French public finances provide a counterweight. Read in our latest gold report what this means for the price of the most important precious metal.

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Gold under pressure: until something breaks

Monday, 05 October 2026

Rising energy prices and resilient growth are pushing bond yields higher, and we believe the Fed and ECB will keep tightening until equity markets or growth data clearly crack. Until that happens, gold is likely to stay under downward pressure, before a sharp rally toward $5,000 and beyond could materialize.

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What stands between gold and its next leg up

Monday, 21 September 2026

Structural deficits underpin gold's long-term uptrend , but central bank tightening and a stronger dollar stand in its way near term. Our newest gold report unpacks why gold could dip further before rallying toward $6,000, together with the key triggers to watch along the way.

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Our Gold Report

We are pleased to present our report given the rising importance of gold as an investment. We recommend reading it alongside our 'Global Financial Markets' report, though both are available individually.

Both reports are authored by our Chief Economist & Founder, Eddy Markus. He brings a wealth of experience having navigated similar market phases in the 1970s when gold was a compelling alternative to stocks and bonds. We are seeing parallels to that era today. 

Readers frequently inquire about the accuracy of our predictions and whether we track them. Naturally, we don't possess a crystal ball, and the primary objective of our analyses is to present our readers with the most probable scenarios in the medium term. However, we do provide specific exchange rate predictions and in general they have been quite accurate.

Download our forecasts for gold for the period from January to December 2024 here below. 

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