26 October 2026. Spot gold slipped below US$4,000 an ounce on Friday 23 October, touching US$3,986.50 according to Reuters, the first time it had traded below that mark since mid-July. It has since steadied, and COMEX gold closed on Monday at US$4,006, or about A$5,697 an ounce (A$183 a gram) at an exchange rate of 70.3 US cents [1][2]. It is roughly 25% below the record set in late January.
For anyone holding a drawer of old jewellery or a bag of gold scrap, a round number like US$4,000 makes headlines, but it does not change the arithmetic of what the metal is worth. This note covers what happened on Friday, what the move means in Australian dollars, and how to sell scrap gold sensibly when the price is falling. For the full technical and fundamental picture, see our longer gold price analysis.
What happened
Gold fell alongside stocks and bonds on Friday, according to market reports, as an oil price near US$102 a barrel revived inflation fears and investors sold liquid assets for cash. That is unusual, because gold is meant to hold up when other assets fall. The pressure has been building for weeks: US 10-year yields topped 5% in September, gold fell more than 8% that month, and a firmer dollar has added to the weight. Markets are now watching the US Federal Reserve's decision on 28 October and the congressional elections on 3 November [2].
Not everyone is gloomy. Morgan Stanley has described US$4,000 as "quite a strong floor", while CPM Group names US$3,800 and US$3,500 as support levels and expects further falls. Central banks, the buyers who care least about short-term price moves, bought a net 289 tonnes in the second quarter, up 62% on a year earlier, according to the World Gold Council [2][3].
What it means in Australian dollars
| US dollars | Australian dollars | |
|---|---|---|
| Gold, 26 October 2026 | US$4,006 an ounce | A$5,697 an ounce, A$183.16 a gram |
| Change since 31 December | -7.7% | -12.1% |
| Record close | US$5,318 on 29 January | A$7,581 on 28 January |
The Australian dollar has risen about 8% in a year, which makes the fall steeper for sellers here than for sellers in the United States.
How much is my gold worth?
The gold content depends on the carat mark. The figures below are the metal value at the 26 October price for a 10 gram item. Dealers pay a share of this, so a real offer will be lower.
| Carat | Gold content | Metal value of 10 g |
|---|---|---|
| 9ct | 37.5% | A$687 |
| 14ct | 58.5% | A$1,072 |
| 18ct | 75% | A$1,374 |
| 22ct | 91.6% | A$1,678 |
Five tips for selling when prices are falling
- Do not sell in a panic, and do not wait for a miracle. A price below US$4,000 is not a signal in itself. Decide based on why you are selling.
- Weigh and read the mark. Know the weight in grams and the carat stamp before you ask for quotes. Stones and clasps are not gold.
- Get more than one quote. Dealers differ in the share of the metal value they pay, and the difference can be larger than a day's price move.
- Ask how the price is set and how long it is held. In a volatile market, a quote that is valid for an hour is not the same as one valid for the day.
- Expect ID and a receipt. Buying gold from the public is regulated in many places, and honest dealers will ask for identification and give you written details of the sale.
If you have other scrap alongside the gold, our price calculator gives an indicative reference for metals, and you can list material on the marketplace. The calculator is an AI-generated estimate, not a quote.
Sources
- Yahoo Finance, COMEX gold futures (GC=F) and AUD/USD, to 26 October 2026. Conversions are ScrapTrade calculations.
- Discovery Alert, Gold price falls below US$4,000 as oil spike triggers cash scramble, summarising Reuters; GoldSilver, Gold price outlook October 2026. Secondary reports whose figures differ slightly.
- World Gold Council, Gold market shows resilience as price momentum cools in Q2 2026.
This note is general information, not investment, financial or tax advice. Prices and news are as reported on 26 October 2026 and change quickly. ScrapTrade operates a scrap marketplace and has a commercial interest in the scrap trade.