Invesco's latest quarterly review notes that gold rose 3.7% in Q3 2026, finishing the quarter at $4,157 an ounce — a notable result given the Fed's September rate hike and Treasury yields reaching multi-decade highs. The firm's strategists cite resilient growth, sticky inflation, and ongoing central-bank buying, including reserve relocations by the Dutch and French central banks, as the quarter's key themes.
Looking to the rest of the year, Invesco sees structural support intact through continued central-bank demand and returning gold ETP inflows, with risks including a stronger dollar or a slowdown in official-sector buying.
