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Gold Is Down $1,450 an Ounce From Its January Peak

It hit an all-time high of $5,589 in January. By October 5 it was at $4,139. That's 26% off the top.

One Number
One Number

Oct 7, 2026

MONEY & MARKETS • GOLD, DOLLAR & CURRENCIES

Gold is supposed to be what you buy when the shooting starts. The Iran conflict began February 28. Gold was at $5,279 that morning. Seven months later… it's at $4,139. That's 22% below where it stood when the war began, and 26% below its January peak. The Fed hiked to 4% last month, the dollar broke above 100, and a 4% Treasury bill beats a bar of metal that pays you nothing. Two straight weeks of decline. During a shooting war.

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Gold was supposed to be the trade of the war — and it has been, just not in the direction anyone predicted.

Source: Kitco spot gold, Jan. 28, Feb. 28 and Oct. 5, 2026

One number. Every morning.
— Jack Corbin

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