# $4,600 an ounce, and gold has not said its last word<\/p>\n
Minus 1.4% in a month. On paper, gold is stalling. In reality, it is doing the exact opposite.<\/p>\n
Those watching the screens this week see a gold price<\/a> of 4,613 dollars an ounce, slightly lower. A figure that could give the illusion of a rally running out of steam. But take a step back: +42% over one year. The yellow metal has gained more than 1,350 dollars in twelve months. So what is this pause of a few percentage points? A false flat before the next climb. And the signals flashing this early May (oil, the yen, central banks) all tell the same story.<\/p>\n Gold is catching its breath. It is not running out of steam.<\/strong><\/p>\n We had almost forgotten about it. But crude returned to play the spoilsport this week, driven by the deadlock in US-Iran negotiations and doubts over the reopening of the Strait of Hormuz. The result: energy prices are climbing again, inflation is back in the conversation, and the reflex is always the same. When oil flares, investors turn to safe-haven assets.<\/p>\n The 20-gram and 50-gram gold bars<\/a>, easy to store, become the investment you slip into your wealth like an insurance policy. No yield, no promise: just solidity.<\/p>\n Friday brought a dramatic turn on the foreign exchange market. The Bank of Japan is suspected of having sold dollars massively to support the yen, propelling the Japanese currency and sending the greenback to a two-month floor. The consequence? Immediate. Silver jumped above 74 dollars an ounce, after touching 71 dollars three days earlier. A 4% rebound in 48 hours.<\/p>\n And this may be only the beginning. Industrial demand for silver is exploding, driven by colossal investments in artificial intelligence in the United States. Servers, connectors, components: silver is everywhere in the technology chain. Some analysts are targeting 80 dollars within a week. When finance and industry pull in the same direction, you do not want to be standing in the way.<\/p>\n Policy rate: 3.64%. Unchanged. The Federal Reserve is playing for time, caught between inflation that refuses to die and a job market that is still holding. Markets now expect only one rate cut in 2026, with no certainty on timing. The paradox: this caution does not slow gold, it feeds it. Durably moderate real rates are exactly the environment in which the yellow metal thrives. J.P. Morgan is not mistaken and maintains a target of 5,055 dollars for the fourth quarter. The most optimistic are already looking toward 5,400.<\/p>\n The World Gold Council figures are in: 850 tonnes of official purchases expected in 2026. That is less than the 2022-2024 records, but still double what we saw before that period. Who is buying? Poland leads, with more than 20 tonnes since January, a strategic choice dictated by geography and tensions on NATO’s eastern flank. China continues to stack methodically. Indonesia and Malaysia are returning to the market after years of absence.<\/p>\n And who is selling? Russia, under budget pressure, is liquidating part of its reserves. Turkey is doing the same to stabilise the lira. These are the exceptions that prove the rule: in a fractured world, gold remains the asset no one can freeze, seize or sanction.<\/p>\n Meanwhile, in Europe, something is changing. Belgian savers, and Europeans more broadly, are no longer content to watch the gold price climb from their screens. They are taking action. Stung by stock market volatility and the silent erosion of the euro, they are turning to physical precious metals as a pillar of diversification. Gold coins<\/a>, Krugerrand, Maple Leaf, Napoleon, remain the stars of liquidity. On the bar side, the 20-gram and 50-gram formats are the most popular: accessible, storable, and above all tangible. You hold them in your hand. That, perhaps, is what people are really looking for in times of uncertainty: something real.<\/p>\n At Gold & Silver Company, we track these dynamics in real time to offer you the best buying and selling conditions, with full transparency on prices and a technical expertise that few players in Europe can match. If you would like to understand how to position precious metals within your wealth strategy, our teams are available for a no-obligation conversation, at the agency or through an appointment<\/a>.<\/p>\n Ana\u00efs, Gold Broker & Wealth Manager<\/strong><\/p>\n *Updated on 27 September 2026.*<\/p>\n The gold price<\/a> has slipped 1.4% in a month, to around 4,613 dollars an ounce, which can give the illusion of a rally running out of steam. Seen over twelve months, the picture is entirely different: the yellow metal is up 42%, a gain of more than 1,350 dollars an ounce. A consolidation of a few percentage points after such a rise is a classic breathing phase, not a trend reversal. The underlying signals point the same way: oil is climbing again on Middle East tensions, the dollar has hit a two-month low after suspected Bank of Japan intervention, and central banks are expected to buy 850 tonnes in 2026 according to the World Gold Council. J.P. Morgan maintains a target of 5,055 dollars for the fourth quarter, and the most optimistic analysts are already looking toward 5,400.<\/p>\n Oil has returned to centre stage, driven by the deadlock in US-Iran negotiations and doubts over the reopening of the Strait of Hormuz. When crude climbs, energy costs feed through the whole economy and inflation comes back into the conversation. The investor reflex is well established: in inflationary periods, capital rotates toward safe-haven assets that preserve purchasing power, and physical gold sits at the top of that list. This is not theory, it is a pattern observed across every oil shock of the past fifty years. For savers, the practical consequence is simple: demand for tangible formats such as the 20-gram and 50-gram gold bars<\/a> tends to rise precisely when energy prices flare, because those bars behave like an insurance policy slipped inside a portfolio. No yield, no promise: just solidity.<\/p>\n Silver surged above 74 dollars an ounce after the Bank of Japan was suspected of selling dollars massively to support the yen, sending the greenback to a two-month floor on Friday. Priced in dollars, metals mechanically benefit when the US currency weakens, and silver rebounded 4% in 48 hours after touching 71 dollars three days earlier. But currency is only the trigger. The deeper driver is industrial demand, which is exploding on the back of colossal artificial intelligence investments in the United States: servers, connectors and components all rely on silver throughout the technology chain. When finance and industry pull in the same direction, moves become violent, and some analysts are already targeting 80 dollars within a week. Silver remains the most volatile of the precious metals, in both directions.<\/p>\n The Federal Reserve has left its policy rate unchanged at 3.64%, caught between inflation that refuses to die and a job market still holding firm. Markets now expect only one rate cut in 2026, with no certainty on timing. Counterintuitively, this caution does not slow gold, it feeds it. When real rates stay durably moderate, the opportunity cost of holding a non-yielding asset like gold shrinks, which is exactly the environment in which the yellow metal has historically thrived. This is why institutional forecasters remain constructive: J.P. Morgan maintains a target of 5,055 dollars an ounce for the fourth quarter, and the most optimistic analysts are already looking toward 5,400. In short, a hesitant Fed is not a headwind for gold; it is the confirmation that monetary normalisation is stalling.<\/p>\n The World Gold Council expects 850 tonnes of official purchases in 2026, below the 2022-2024 records but still double the levels seen before that period. Poland leads the buyers with more than 20 tonnes since January, a strategic choice dictated by geography and tensions on NATO’s eastern flank. China continues to stack methodically, while Indonesia and Malaysia are returning to the market after years of absence. On the selling side, Russia is liquidating part of its reserves under budget pressure and Turkey is doing the same to stabilise the lira, but these are the exceptions that prove the rule. The structural message is clear: in a fractured world, central banks treat gold as the one reserve asset no one can freeze, seize or sanction, and their buying sets a durable floor under the gold price<\/a>.<\/p>\n Belgian savers, like Europeans more broadly, are increasingly turning to physical precious metals as a pillar of diversification, stung by stock market volatility and the silent erosion of the euro. The two classic entry points are gold coins<\/a>, with Krugerrand, Maple Leaf and Napoleon remaining the stars of liquidity, and bars, where the 20-gram and 50-gram formats of certified gold bars<\/a> are the most popular because they are accessible, storable and above all tangible. Our gold guide<\/a> covers the fundamentals of formats, premiums and taxation. Gold & Silver Company, a refinery and precious metals dealer in Dottignies-Mouscron, tracks prices in real time and offers full transparency on buying and selling conditions. You can book an appointment at the agency<\/a> for a no-obligation conversation with an advisor.<\/p>\nOil lights the fuse<\/h3>\n
Tokyo shakes the dollar, and silver benefits<\/h3>\n
The Fed waits. Gold waits for no one.<\/h3>\n
850 tonnes: central banks are not letting go<\/h3>\n
In Belgium, physical gold is gaining ground<\/h3>\n
Frequently asked questions about gold<\/h2>\n
Why is the gold price pausing in May 2026?<\/h3>\n
How does oil influence the gold price?<\/h3>\n
Why did silver jump above 74 dollars an ounce?<\/h3>\n
What is the Federal Reserve’s impact on gold right now?<\/h3>\n
Which central banks are buying gold in 2026?<\/h3>\n
How can a Belgian saver invest in physical gold?<\/h3>\n