Gold price drop in 2026: should you buy or sell?
The precious metals market is currently undergoing a technical correction phase, attracting the attention of both investors and gold jewelry enthusiasts. After reaching historic highs in early 2026, the price of gold is experiencing a significant pullback.
This volatility raises an essential question: is it the right time to buy gold, or should you sell instead?
In this article, we analyze the market fundamentals to help you make an informed decision.
Why has the price of gold risen sharply since 2022?
For several years, the price of gold has been on a significant upward trend. Several macroeconomic factors explain this progression:
- Persistent inflation in Western economies
- Geopolitical tensions (Ukraine, Middle East, economic rivalries)
- Strengthened safe-haven status in times of uncertainty
- Massive purchases by central banks, particularly in emerging countries
These elements have helped propel the yellow metal to record levels.
Gold in dollars vs. gold in euros: a key point for French investors
It is essential to remember that the price of gold is generally expressed in dollars. However, for an investor based in France, the relevant reference remains the price of gold in euros.
Why? Because the EUR/USD exchange rate directly influences the real value:
- A strong dollar can push gold prices up in euros
- Even if the spot price in dollars remains stable
➡️ Conclusion: a serious analysis must always be based on the price of gold in euros.
Gold price drop in 2026: what are the reasons?
The correction observed in early 2026 is explained by several technical and economic factors:
- Profit-taking after January's records
- Dollar strengthening, which weighs on raw materials
- Anticipated rise in real rates by the Federal Reserve
- Forced sales by certain funds (deleveraging)
This is therefore a classic adjustment after a strong rise, and not necessarily a structural reversal.
History of gold prices: understanding cycles
The evolution of gold prices follows long cycles alternating stability and strong volatility.
Key takeaways:
- Gold performs particularly well in times of crisis
- It stagnates during phases of stable growth
- It primarily rewards long-term investors
Major historical phases confirm this cyclical behavior:
- 1971–1980: explosion after the end of the gold standard
- 2000–2011: rise after financial crises
- 2019–2026: new upward cycle linked to global tensions and the return of inflation
A relative decline: a simple correction?
Despite a decline of more than 10%, the current drop must be put into perspective:
From a long-term perspective:
- The price of gold remains very high
- It is still trading above its historical averages
- The overall trend remains structurally bullish
This correction can therefore be interpreted as a market breathing phase.
Should you buy or sell gold in 2026?
The answer depends on your profile:
Buying gold today
May be relevant if:
- You are investing for the long term
- You are looking for a safe haven
- You are taking advantage of the decline as an entry point
Selling gold
May be interesting if:
- You bought before the rise
- You want to secure a capital gain
- You need liquidity
Gold price forecasts: what do experts say?
Expectations for the end of 2026 remain generally optimistic, despite some divergences.
Bullish scenario
- JPMorgan: target $6,300/ounce (source)
- UBS: $6,200, supported by central bank demand
- Wells Fargo: $6,100–$6,300, with the current decline seen as an opportunity (source)
Cautious or bearish scenario
- Morgan Stanley: possible return to $4,800
- Technical analysis: support around $4,400 if rates rise
In summary: The consensus remains positive in the long term, but with short-term volatility.
Buying or selling gold jewelry: the role of expertise
Unlike pure investment gold, gold jewelry includes:
- A material value
- An aesthetic value
- Brand value (Cartier, Van Cleef, etc.)
This can strongly influence:
- The purchase price
- The resale price
Miller Paris: your partner for buying or selling gold
At Miller Paris, we have been assisting our clients for over 30 years with:
- The purchase of pre-owned gold jewelry
- The sale of antique jewelry and gold watches
- The transparent appraisal of pieces
Each piece of jewelry is selected, inspected, and valued according to:
- Its gold weight
- The quality of the stones
- Any signature
👉 Whether you want to invest in pre-owned gold jewelry or resell your jewelry, our team guides you with rigor and discretion.
Conclusion: should you buy gold in 2026?
- Yes, if you have a long-term vision
- Yes, if you take advantage of a market correction
- But with caution if you are looking for a quick gain
Gold remains a solid safe haven, but like any asset, it evolves in cycles.
