Gold near interim bottom, but World Gold Council says three conditions associated with price recovery ‘already in place’

The World Gold Council believes that while gold may be nearing an interim bottom, with three historical conditions already in place, the broader economic outlook supports a possible price recovery for the precious metal. 

The World Gold Council (WGC) in its latest report said that gold prices may be “approaching an interim bottom”, but the broader macroeconomic environment favours a recovery despite the recent correction.

Gold closed October at $3,913 per ounce, down 6.3% during the month, with prices declining across all major currencies tracked by the council. The metal is currently around 25% below its January 2026 record high of $5,405/oz, ANI reported.

However, the WGC report pointed out that the macroeconomic and fundamental backdrop remains considerably stronger.

Gold price outlook positive? What WCG says…

The WCG report stated that two of the three historical conditions associated with gold price recoveries are already in place and the current decline is more representative of a price correction, than prolonged downturn similar to the post-2011 period, ANI reported.

“Our simple framework suggests gold may be nearing an interim bottom: two of three conditions are in place. More importantly, unlike in 2011, the macro backdrop supports a recovery,” the report said.