The gold price fell 6.3% in October 2026 to US$3,913 an ounce, the World Gold Council (WGC) said on 5 November. Coming after an 8.5% fall in September, it left gold 10.4% down for the year so far and about 28% below its record of US$5,405 an ounce set on 29 January 2026.
It is a sharp turn from August, when gold rose 13.3%. Here is what the WGC’s monthly figures show and what drove the moves.
Gold Price in October 2026: The Numbers
| Month (2026) | Change in the month | Price at month end (US$ an ounce) |
|---|---|---|
| August | +13.3% | 4,563 |
| September | −8.5% | 4,176 |
| October | −6.3% | 3,913 |
Sources: WGC Gold Market Commentaries for August, September and October. The October figure is the LBMA PM price on 30 October.
These prices are in US dollars. What you pay in Singapore also depends on the exchange rate, which our explainer on gold and the Singapore dollar covers.
The short version: gold gained 13% in one month and then gave back more than that over the next two. Big swings in both directions are normal for gold, which is why it pays to know your costs and your time horizon before buying.
What Drove the Fall
September. The WGC said the US 10-year Treasury yield rose 53 basis points to 5.3% and the US dollar index rose 2%. Higher yields make an asset that pays no interest less attractive, and a stronger dollar tends to weigh on a price set in dollars.
October. The WGC pointed to markets repricing the path of US interest rates, speculative selling that it described as largely derivatives-led, and a rotation into bonds as stocks fell. Managed-money positions on the COMEX futures exchange fell by about US$7 billion (53 tonnes).
August’s rise, by contrast, was driven by broad ETF buying, a weaker US dollar and strong demand for call options, the WGC said.
Our explainer on what moves the gold price puts these forces in context.
Gold ETF Investors Kept Buying
Global gold ETFs still took in money as the price fell: about US$10 billion (67 tonnes) in September and US$3 billion (19 tonnes) in October, led by Europe and then Asia, according to the WGC. Central banks also bought heavily in the third quarter; see our story on central bank gold buying in Q3 2026.
That buying did not stop the price falling, which is a useful reminder that strong demand from one group does not set the price on its own.
Since the October Commentary
Gold has stayed volatile into November. On 10 November, after US consumer prices rose more than expected in October, spot gold fell 2% on the day to US$4,054.90 an ounce, Kitco News reported.
In its October commentary, the WGC described the move as a correction rather than the start of a long downtrend, while noting that a test of US$3,857 an ounce could still happen. That is a view, not a forecast anyone can rely on. Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest.
What It Means for Singapore Buyers
A lower price does not make gold cheap or expensive in any fixed sense. If you are buying, the costs you control are the premium over the spot price and the dealer’s buy-back spread. The gold premium calculator shows how much the price has to rise before selling back covers what you paid.
If you already hold gold, the gold value calculator shows what your bars, coins or jewellery are worth at today’s price. Our guide to how to buy gold in Singapore compares the ways to hold it.
What To Do Next
- Check today’s price in Singapore dollars before you buy or sell; it moves throughout the day.
- Get a dealer’s buying and selling prices at the same time, so you can see the spread.
- Decide how much of a fall you could live with before you put money into gold.
- Do your own due diligence. This is general information, not a recommendation to buy or sell gold.
