[SMM Analysis] Gold’s historical cycles and the drivers of 2026 price swings

Gold entered 2026 after an exceptional rally, but the gains proved difficult to sustain. The London Bullion Market Association (LBMA) afternoon gold benchmark ended October at US$3,913 per troy ounce, 10.4% below the end of 2025. Renewed pressure in November showed that buying for long-term security can coexist with sharp selling in financial markets. Understanding that tension requires looking at both the metal people hold and the decisions that move its price.



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