# When benchmarks falter, gold finds its own again<\/p>\n
*Gold & Silver Company, November 2025*<\/p>\n
In the space of thirty days, the ounce of gold expressed in euros ran through a sequence that says more about the state of the world than about the metal itself. After reaching 3,740 euros an ounce, it pulled back towards 3,386 euros, before stabilising around 3,511 euros. This breathing is neither a reversal nor a weakening: it reflects the hesitation of a global market deprived of benchmarks, while gold as tangible matter remains readable.<\/p>\n
In the United States, several Federal Reserve officials adopted a more restrictive tone this week, which sent gold down by more than 3% in Friday’s session, according to Reuters. The market, which until recently was pricing in a rate cut in December, has revised its expectations: the probability of an easing moved from around 64% to 53%, then close to 50% according to CME FedWatch data.<\/p>\n
At the same time, the country is only just emerging from the longest shutdown in its history (43 days), a paralysis that led to the permanent loss of part of the economic data, notably certain elements of the October CPI, which were collected manually. American analysts now speak of a \u00ab\u00a0blind market\u00a0\u00bb: without reliable data, the Fed and investors alike are navigating by sight.<\/p>\n
This absence of benchmarks is precisely what makes the difference: in the statistical fog, gold remains a coherent reading. The week’s adjustment (automatic selling, margin calls, a global \u00ab\u00a0risk-off\u00a0\u00bb effect) changed nothing about the market’s foundation. As one analyst recalled in a note relayed by Reuters, \u00ab\u00a0when markets liquidate to free up margins, even gold is sold\u00a0\u00bb. It is not the matter that is retreating; it is liquidity that is adjusting.<\/p>\n
In Europe, the situation is different, but just as revealing. The IMF’s latest projections place eurozone growth at around 1.2%, with high public debt: France exceeds 110% of GDP, Italy is close to 135%, and Belgium stands at around 106%. Added to this is the preparation of the digital euro for 2026, which raises questions among some savers about confidentiality and monetary governance. On a continent where rules are multiplying and where fiscal pressure is felt more strongly than elsewhere, physical metal is once again becoming a zone of stability, a space disconnected from the digital, the fiscal and the political. For savers following the gold price<\/a> in this context, the signal remains readable where other indicators waver.<\/p>\n Asia, for its part, continues to accumulate. In India, jewellery demand grew by 7% in the third quarter according to the World Gold Council. In China, the central bank has not sold a gram of gold in nearly a decade and continues its regular purchases. South Korea has announced its first institutional purchases since 2013. Japan, weakened by a structurally low yen, is seeing its private individuals return to gold as an instrument of protection. Asia is not observing: it is consolidating.<\/p>\n Central banks remain, by far, the most stable engine of the global market. According to World Gold Council data, they acquired 220 tonnes in the third quarter and 634 tonnes over the first nine months of the year, confirming an annual projection of between 750 and 900 tonnes, an uninterrupted dynamic for three years. Several analysts, quoted by Reuters, recall that central banks are now \u00ab\u00a0the most reliable pillar of global gold demand\u00a0\u00bb. In this institutional reality, the metal does not follow a financial cycle: it follows a sovereign movement.<\/p>\n This backdrop sheds light on the forecasts. At the LBMA’s annual conference, delegates put forward a median target of around 4,980 dollars per ounce over twelve months. Major international banks (HSBC, Bank of America, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Goldman Sachs, JP Morgan Private Bank) all project a scenario around 5,000 dollars per ounce by 2026, some going beyond. The firm Metals Focus, for its part, anticipates a price of 60 dollars per ounce for silver in 2026. These anticipations are not bets: they reflect a world where global debt, according to the IMF, is heading towards 100% of planetary GDP, where economic data is becoming less predictable and where geopolitical fragmentation is accelerating.<\/p>\n November’s turbulence therefore does not tell a story of weakness: it tells a story of repositioning. Asian demand grew discreet in the volatility, but did not retreat. European volumes remained stable. Central banks kept buying. The dollar played its role as a technical counterweight; automatic liquidations amplified the movement. The fundamentals, for their part, did not move. This is also what the relationship between gold and purchasing power<\/a> illustrates over the long term.<\/p>\n In a month in which benchmarks faded: missing data, nervous markets, suspended decisions. Gold did not look for a direction. It kept its own. And that is perhaps the real information: in a world where indicators are blurring, where currencies are transforming and where debts are growing faster than growth, the precious metal remains a fixed point. It does not depend on reversible decisions. It does not rest on fragile expectations. It is a benchmark, at a time when benchmarks are missing.<\/p>\n The precious metal can occupy a place in a wealth strategy founded on diversification, tangibility and continuity. Gold & Silver Company reminds its readers that no commodity, including gold or silver, constitutes a universal solution: every wealth situation is unique and depends on personal objectives, fiscal constraints and risk tolerance. The House invites every reader to approach any decision with measure and discernment and, where necessary, with the advice of their Gold And Silver Company adviser. Those wishing to go further can consult our gold guide<\/a>, discover our certified gold bars<\/a>, or book an appointment<\/a> with the agency.<\/p>\n Vocabulary<\/strong><\/p>\n – Troy ounce:<\/strong> the international unit of measurement for gold (1 ounce = 31.1035 g).<\/p>\n – Spot price:<\/strong> the immediate price of the metal on world markets.<\/p>\n – Volatility:<\/strong> the amplitude of price variations.<\/p>\n – Central banks:<\/strong> national monetary institutions that hold gold as a guarantee of stability.<\/p>\n – Profit-taking:<\/strong> sales made after a rise in order to secure gains.<\/p>\n – Strong \/ weak dollar:<\/strong> the influence of the dollar on the price of gold.<\/p>\n – US shutdown:<\/strong> a temporary paralysis of the federal administration preventing the publication of economic data.<\/p>\n – Digital euro:<\/strong> the future digital version of the euro issued by the ECB.<\/p>\n – Accumulation zone:<\/strong> a period in which investors strengthen their positions after a stabilisation.<\/p>\n – Technical correction:<\/strong> a temporary pullback that does not invalidate the underlying trend.<\/p>\n – Tonne of gold:<\/strong> the unit used by central banks (1 tonne = 32,150 ounces).<\/p>\n The decline observed in the Friday session followed the adoption of a more restrictive tone by several Federal Reserve officials, according to Reuters. The market, which until recently was pricing in a rate cut in December, revised its expectations: the probability of an easing moved from around 64% to 53%, then close to 50% according to CME FedWatch data. This adjustment was amplified by automatic selling, margin calls and a global \u00ab\u00a0risk-off\u00a0\u00bb movement. As one analyst noted in a note relayed by Reuters, when markets liquidate to free up margins, even gold is sold. It is therefore not the metal that weakened, but liquidity that adjusted, leaving the market’s fundamentals intact.<\/p>\n The 43-day shutdown, the longest in American history, caused the permanent loss of part of the economic data, notably certain elements of the October CPI, which were collected manually. American analysts now speak of a \u00ab\u00a0blind market\u00a0\u00bb: without reliable data, the Federal Reserve and investors alike are navigating by sight. This absence of benchmarks makes markets more nervous and prone to abrupt movements. In this statistical fog, gold paradoxically remains a coherent reading, because its price does not depend on a single reversible decision or on fragile expectations, but on sovereign and structural dynamics such as central bank purchases.<\/p>\n Central banks remain, by far, the most stable engine of the global gold market. According to World Gold Council data, they acquired 220 tonnes in the third quarter and 634 tonnes over the first nine months of the year, confirming an annual projection of between 750 and 900 tonnes, an uninterrupted dynamic for three years. Several analysts quoted by Reuters describe central banks as the most reliable pillar of global gold demand. In this institutional reality, the metal does not follow a financial cycle: it follows a sovereign movement, in a world where global debt, according to the IMF, is heading towards 100% of planetary GDP.<\/p>\n At the LBMA’s annual conference, delegates put forward a median target of around 4,980 dollars per ounce over twelve months. Major international banks, including HSBC, Bank of America, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Goldman Sachs and JP Morgan Private Bank, all project a scenario around 5,000 dollars per ounce by 2026, with some going beyond. The firm Metals Focus, for its part, anticipates a price of 60 dollars per ounce for silver in 2026. These anticipations are not bets: they reflect a world where economic data is becoming less predictable, where geopolitical fragmentation is accelerating and where debts are growing faster than growth.<\/p>\n No. November’s turbulence tells a story of repositioning, not of weakness. Asian demand grew discreet in the volatility but did not retreat, European volumes remained stable and central banks continued to buy. The dollar played its role as a technical counterweight, while automatic liquidations amplified the movement. The fundamentals did not move. In a month in which benchmarks faded, with missing data, nervous markets and suspended decisions, gold did not look for a direction: it kept its own. That is perhaps the real information of this sequence.<\/p>\n The precious metal can occupy a place in a wealth strategy founded on diversification, tangibility and continuity. It does not depend on reversible decisions and does not rest on fragile expectations, which makes it a benchmark at a time when benchmarks are missing. Gold & Silver Company nevertheless reminds its readers that no commodity, including gold or silver, constitutes a universal solution: every wealth situation is unique and depends on personal objectives, fiscal constraints and risk tolerance. The House invites every reader to approach any decision with measure and discernment and, where necessary, with the advice of their Gold And Silver Company adviser.<\/p>\n Updated on September 27, 2026<\/p>\n","protected":false},"excerpt":{"rendered":" When benchmarks falter, gold finds its own again: gold as a stable reference.<\/p>\n","protected":false},"author":1,"featured_media":170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite"],"_links":{"self":[{"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/posts\/601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/comments?post=601"}],"version-history":[{"count":0,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/posts\/601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/media\/170"}],"wp:attachment":[{"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/media?parent=601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/categories?post=601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldandsilvercompany.com\/blog\/wp-json\/wp\/v2\/tags?post=601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Asia: not observing, consolidating<\/h2>\n
Central banks: the most reliable pillar of demand<\/h2>\n
What the forecasts say<\/h2>\n
November’s turbulence: a repositioning, not a weakness<\/h2>\n
A fixed point in a world of blurred indicators<\/h2>\n
The place of gold in a wealth strategy<\/h2>\n
Frequently asked questions about gold<\/h2>\n
Why did gold fall by more than 3% in a single session?<\/h3>\n
How does a US shutdown affect the gold market?<\/h3>\n
Why do central banks keep buying gold?<\/h3>\n
What gold price do analysts expect for 2026?<\/h3>\n
Does November’s correction mean that gold is weakening?<\/h3>\n
Can gold have a place in a wealth strategy?<\/h3>\n