BlackRock sees gold support intact in spite of near 30% drop from record, anticipates milder increases

In today's gold price news, central bank buying offers some support on dips, but BlackRock projects that buying to slow from its latest pace, according to investingLive. BlackRock notes gold's structural support from central banks is intact, but with real yields and the greenback working against it, market participants should anticipate it to stabilise portfolios instead of repeat last year's jump.

Key points

• Gold hit a record of roughly $5,400 an ounce on 29 January.
• Kristy Akullian, head of iShares investment strategy for the Americas, described the forward view for precious metals as more balanced.
• Based on BlackRock's data, it had fallen around 23% from that peak by mid-October.
• The decline has continued since, and gold now trades roughly $3,870, roughly 28% below the high.
• A record 45% of central banks noted they aim to add to their own holdings in a 2026 survey.

Gold price: the details

According to BlackRock, Gold's long-term case is still intact after a sharp pullback from its January record, but market participants should anticipate steadier, more moderate returns instead of a repeat of the past year's jump. Kristy Akullian, head of iShares investment strategy for the Americas, described the forward view for precious metals as more balanced, with near-term headwinds now offsetting longer-term support in a note published on 10 November. Gold hit a record of roughly $5,400 an ounce on 29 January.

Based on BlackRock's data, it had fallen around 23% from that peak by mid-October. The decline has continued since, and gold now trades roughly $3,870, roughly 28% below the high.

They hold about a fifth of all gold ever mined and purchased upwards of 3,900 tonnes between 2022 and the first half of 2026. A record 45% of central banks noted they aim to add to their own holdings in a 2026 survey.

BlackRock presents gold as a portfolio stabiliser not a trade.

Why gold price matters for traders

Gold is a safe-haven asset that tends to benefit from falling real interest rates, a weaker dollar and rising geopolitical risk. Central-bank buying has also become an important source of demand.

Because gold pays no interest, its price is sensitive to changes in bond yields and expectations for central-bank policy.

Market reaction and data

On the currency side, the latest ECB daily reference rates (2026-11-12) show EUR/USD 1.1081, GBP/USD 1.3256, AUD/USD 0.6821, NZD/USD 0.5556, USD/JPY 159.7, USD/CHF 0.8331, USD/CAD 1.4249, USD/CNY 6.6683. These are reference fixes, not live quotes.

What to watch next for gold price

Traders will watch US real yields, the dollar, central-bank demand and geopolitical headlines for the next move in bullion.

Key scheduled releases on the economic calendar:

• USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
• USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%

Follow every update in our Top 10 Forex News Today, read US Treasury acquired yen in July, its first intervention since 1998, as yen nears 160 again or see all of today's top market news.

FAQ

What is the latest gold price news?

Central bank buying offers some support on dips, but BlackRock projects that buying to slow from its latest pace.

Why does gold rise when interest rates fall?

Gold pays no yield, so lower interest rates reduce the cost of holding it compared with bonds or cash, which tends to support its price.

Where does this information come from?

This report is based on coverage from investingLive, checked against market data where available. It is a summary for information only and not investment advice.