The gold price fell markedly in the week to 23 October 2026. That Friday, at around 14:10 GMT, an ounce was trading in London at $4,008.52, compared with $4,165.58 at the close of the previous week, according to an AWP/AFP dispatch carried by Allnews. The yellow metal has dropped back to its lowest levels since July. Copper also fell, weighed down by the retreat in artificial intelligence (AI) stocks and by rising inventories.
Why the gold price fell
The analysts quoted in the dispatch point first to short-term speculative selling. "The latest price movements indicate that short-term speculative selling is currently outweighing demand from long-term investors," explains Ole Hansen, an analyst at Saxo Bank. According to him, these long-term investors have barely stopped accumulating gold since July.
The backdrop could nonetheless have supported gold. Budgetary and geopolitical uncertainties persist, and technology stocks have fallen because of the AI sector's debt. The dollar, also regarded as a safe haven, edged lower. These factors were not enough to bring buyers back.
Ipek Ozkardeskaya, of Swissquote Bank, speaks of "unusual behaviour". Neither the risky economic environment "nor the fall in bond yields has managed to bring investors back". In her view, gold "has not yet regained its safe-haven status", the status that had carried it close to $5,600 an ounce in January.
The analyst does, however, outline a supportive scenario. "If the debacle in the technology sector deepens and yields ease further, gold could find fresh support," she believes. Some strategic players, such as central banks, could also see low prices as a buying opportunity. This is an analyst's hypothesis, not an observed fact.
Silver and palladium also lower
Other precious metals fell on the same day, Friday 23 October 2026. Silver dropped to $53.3447 an ounce, its lowest level since November 2025. Palladium slid to its lowest since June 2025, according to the same dispatch.
Copper weighed down by AI and by inventories
Copper also lost ground on the London Metal Exchange (LME). On Friday 23 October 2026, a tonne cost $14,216.50, compared with $14,407.50 at the close of the previous week.
Inventories are weighing on the price. "Copper stocks registered on the LME have once again risen sharply," notes Barbara Lambrecht, an analyst at Commerzbank. At just over 220,000 tonnes, they are back at their highest level since June.
The red metal suffered above all on Thursday 22 October from the slump in technology stocks. That day, the Nasdaq index lost 2.60%, on concerns about the rising cost of AI investment. The link is direct: copper is used to supply power to data centres. Weaker tech growth therefore reduces the demand outlook. Fears over AI debt had already pushed the dollar lower on 15 October.
The gold price week by week
The previous week, gold had remained almost stable. An earlier 2clics article described, for the week to 16 October, a see-sawing gold price, pulled between US inflation and demand for safe havens. The decline in the week to 23 October contrasts with that near standstill.
| Time of reading | Ounce of gold in London | Source |
|---|---|---|
| January 2026, peak | close to $5,600 | Swissquote Bank, via Allnews |
| Close on 9 October 2026 | $4,194.24 | AWP/AFP, via Allnews |
| Friday 16 October 2026, intraday | $4,188.16 | AWP/AFP, via Allnews |
| Close on 16 October 2026 | $4,165.58 | AWP/AFP, via Allnews |
| Friday 23 October 2026, at around 14:10 GMT | $4,008.52 | AWP/AFP, via Allnews |
These readings are snapshots. An intraday price and a closing price do not measure the same thing. They say nothing about how subsequent sessions will unfold.
Gold price in francs: a double effect
For a saver who counts in francs, the fall in dollars is only part of the movement. The franc also strengthened against the dollar in October 2026, as 2clics noted regarding the franc's return as a safe haven. At times early in the month, a dollar cost close to 0.84 francs, according to Keystone-ATS. The Swiss National Bank (SNB) showed 0.8245 francs on 21 October, and Keystone-ATS recorded 0.82 francs on 22 October in the early afternoon.
The mechanism is simple: gold is priced in dollars. When the dollar falls against the franc, an ounce at the same dollar price is worth fewer francs. Over October, this decline in the dollar therefore adds to the fall in gold for a holder in Switzerland. Tensions over French debt, which weighed on the euro against the dollar, also fuelled this demand for francs.
On the interest-rate front, the US Federal Reserve (Fed) meets on 28 October 2026. It had raised its rates from 3.75% to 4% in September. Higher US rates make dollar assets more rewarding, which is generally unfavourable for gold.
What we do not yet know
- The price of an ounce in francs on 23 October 2026: none of the sources publishes it, and none gives the dollar-to-franc rate on that day.
- The effect of this decline on Swiss gold trading and refining firms: the dispatch says nothing about it.
- How long the movement will last: the analysts describe short-term speculative selling, without saying whether it will continue.
- Central bank purchases: Ipek Ozkardeskaya mentions them as a possibility, not as an observed fact.
This article describes market movements over one week. It does not constitute investment advice.
Sources
- Allnews (AWP/AFP): "Matières premières: l'or et le cuivre fondent, et le café hésite", 23 October 2026
