Gold remains more than 20% below its record high despite sharp rebound

Gold remains deep in correction territory after a steep decline from its January record high, even as prices recover amid a weaker US dollar and falling Treasury yields.
The metal reached an intraday peak above $5,500 an ounce in January before retreating sharply as inflation concerns and expectations of higher interest rates weighed on demand.
Spot gold climbed above $4,100 on November 5, reaching its highest level in more than two weeks after gaining roughly 3.4% in the previous session.
The rebound followed the US midterm elections, with lower Treasury yields and a softer dollar improving the appeal of non-yielding assets.
Despite the recovery, gold remains well below its record, leaving investors focused on whether the recent rally can develop into a sustained recovery.
Source: Reuters, Barron's (November 5, 2026)