Gold is trading near $4,030 an ounce after falling about 15% from its Aug. 25 peak of $4,755 and briefly slipping below $4,000 twice in late October. The decline followed a roughly 4% weekly drop, the metal’s steepest since June, and placed prices near a technical support zone between $3,900 and $4,000. Dollar and bond yields near 5% have increased the appeal of interest-bearing assets relative to gold, while markets have assigned nearly an 80% probability to another Federal Reserve rate increase in December.
The retreat came after gold first moved above $4,000 an ounce in early October. Gold Fields and AngloGold Ashanti gained more than 3% in Johannesburg, Harmony Gold rose more than 2%, and Sibanye Stillwater added 5% as the rally spread to other precious metals. 6%, Equinox Gold gained 5. 5% and Freeport-McMoRan rose 5. 3%, while AngloGold Ashanti, Newmont and Agnico Eagle also advanced.
The market’s case for a rebound rests partly on continued official-sector demand. Preliminary September data showed central banks buying a net 63 metric tons, their largest monthly purchase in nearly two years, with China accounting for 23 tons. Chinese gold exchange-traded funds held a record 304 metric tons. The metal had also posted seven consecutive weekly declines by mid-October, a losing streak not seen since 1996, leaving prices technically oversold. A less hawkish Federal Reserve signal was identified as a possible catalyst for a recovery, but that remains a conditional market scenario rather than a confirmed outcome.
Mining equities could respond more sharply than bullion because producer profits are highly sensitive to the gold price. The companies also face operating risks, including cost inflation and production uncertainty. For 2026, Agnico Eagle has forecast all-in sustaining costs of $1,400 to $1,550 an ounce, while Barrick has projected $1,760 to $1,950. Its shares nevertheless fell after the results.
B2Gold presents a different risk profile. The company operates mines in Mali, Namibia, the Philippines and Canada’s Far North, where its Goose mine is ramping up. The screening exercise that identified 10 U.S. -listed metals and mining stocks used market capitalization above $1 billion, financial-health scores above 3 out of 5, and potential upside above 20% under both valuation and analyst-target measures. Those thresholds identify candidates for a possible rebound; they do not establish that the shares will rise.