UK Gold Market Report - 31 January 2026
Saturday, 31 January 20260
Bullish long-term with J.P. Morgan forecasting $5,055/oz USD average Q4 2026 driven by central banks and investors, despite short-term correction
Gold Movement
-0.56%
Market Trend
down
Outlook
Bullish
Key Market Drivers
- Recent plunge from record highs
- Gold and silver prices reversing rally
- High speculative demand persisting
- Central bank buying elevated but physical exports declining
Market Insights
UK spot price around £2,490/oz with weekly decline of 0.56%[2]
USD gold at $4,879.60/oz, down 8.25% recently after $5,505 high[1][5]
2025 saw 55% gains to over $4,000; 2026 forecasts $5,000+ USD[3]
Market Outlook
Bullish long-term with J.P. Morgan forecasting $5,055/oz USD average Q4 2026 driven by central banks and investors, despite short-term correction
Best Prices
Half Sovereign
£449.70
at BullionByPost
Gold Sovereign
£887.90
at BullionByPost
Double Sovereign
£1795.00
at BullionByPost
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