REPORT: Market Intelligence: Week ending 13 November 2026

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Gold fell about 4% this week to about £2,940 an ounce, as strong US jobs and inflation data made a US rate rise in December look very likely. UK shoppers held back in October ahead of Black Friday, but Richemont and Watches of Switzerland both reported jewellery sales up 19%. On policy, more UK rate rises may follow last week's increase, and new design protections and unfair dismissal changes are on the way.

Precious Metals

Gold fell about 4% this week to about £2,940 an ounce, giving back all of the previous week's gain as markets began to price in a US interest rate rise.

Metal	Price per troy ounce	Price per gram	The week	Context
Gold	about £2,940	about £94.50	down about 4.2%	About 30% below the peak of close to $5,600 reached in late January
Silver	about £37.60	about £1.21	down about 4.1%	Less than half its January peak
Platinum	about £1,140	about £36.60	down about 2.0%	Fell about 16% in October
Palladium	about £744	about £23.90	down about 3.8%	Fell about 19% in October, its first month-end below $1,000 since June 2025

Spot prices for pure metal on Friday 13 November 2026 (late morning, London time), converted at about $1.32 to £1. Weekly changes are in US dollars against the previous Friday's New York close. Alloy prices (9ct, sterling silver) and dealers' prices will differ.

What's Moving Prices

Strong US data drove the fall. US employers added 165,000 jobs in October, against a forecast of 65,000, and unemployment fell to 4.1%. October consumer prices then rose 0.4% in the month, above the 0.3% expected.

Traders now see a US rate rise in December as very likely, with the CME FedWatch tool putting the odds at about 91% on Thursday. Several Federal Reserve officials backed further rises. The yield on 10-year US government bonds rose above 5%, and the dollar reached its highest level since April 2025. Gold pays no interest, so higher yields make it less attractive, and a stronger dollar makes it dearer for buyers elsewhere.

Gold dropped more than 2.5% on Thursday alone, to around $3,870, before steadying on Friday. The previous week had brought gains of 4–8% across all four metals as the dollar weakened. Some analysts say steady central bank buying should limit the risk of a deep, lasting fall, while tension in the Middle East offers some support.

At the Bench

Prices are well below this year's peaks but are swinging by 2% or more in a day. Makers buying gold or silver stock may prefer to spread purchases over several weeks rather than commit in one go. For commissions, quote metal separately with a short validity period and a clear price review date.

Hallmarking

No new figures were published this week. The latest are for September, when the number of articles hallmarked across the four UK assay offices fell 28% on a year earlier, according to Birmingham Assay Office figures reported by Something About Rocks.

Metal	Articles	Change on September 2025
Gold	286,677	down 13%
Silver	233,678	down 42%
Platinum	31,206	down 15%
Palladium	1,350	up 44%
Total	552,911	down 28%

Within gold, 22ct was the only caratage to grow, up 17%. 18ct fell 6%, 9ct fell 19% and 14ct fell 27%. The pattern suggests buyers are choosing fewer, higher-value gold pieces, while lower-priced sterling silver volumes have fallen sharply. October figures are expected around mid-November.

Retail

UK shoppers held back in October ahead of Black Friday, but luxury jewellery groups reported strong half-year sales.

UK Spending

BRC-KPMG Retail Sales Monitor (October): Total UK retail sales rose 1.5% on a year earlier, according to the British Retail Consortium. Food sales rose 3.2%, while non-food sales were flat. In-store non-food sales fell 1.1%, while online non-food sales rose 1.8%. BRC chief executive Helen Dickinson said shoppers "delayed spending ahead of Black Friday and Christmas".

ONS retail sales (September): Sales volumes fell 0.4% in the month, after a 0.7% rise in August, according to the Office for National Statistics. Volumes were up 0.8% on a year earlier. Clothing stores fell as warm weather hit autumn ranges. October figures are due on 20 November.

Economy: UK GDP grew 0.7% in the third quarter, according to ONS figures published this week, and September output beat forecasts.

Company News

Richemont: The owner of Cartier and Van Cleef & Arpels reported sales of €12.3 billion for the six months to 30 September, up 17% at constant exchange rates (stripping out currency moves). Its Jewellery Maisons grew 19% to €9.1 billion, and European sales rose 13%. The group says modest price rises largely offset higher gold costs. Even so, its shares fell about 8–9% on Friday, with reports pointing to jewellery growth below analysts' hopes.

Watches of Switzerland: The group reported first-half revenue of £974 million, up 15%, for the 26 weeks to 1 November. UK sales rose 9% to £473 million, led by luxury jewellery and certified pre-owned watches. Group luxury jewellery sales rose 19%. It narrowed its full-year growth forecast to 7–10% but expects slower growth in the second half.

Diamonds and Gemstones

De Beers: The October sight (the regular sale of rough diamonds to approved buyers) was quiet, with low volumes, according to Rapaport. De Beers has held rough prices steady at every sight since its July price cut. Indian cutting factories are now closed for Diwali, which fell on 8 November, so demand for rough is expected to stay soft. The sale of Anglo American's stake in De Beers is still unresolved.

Auctions: Christie's Magnificent Jewels sale in Geneva raised $49.7 million from 112 lots. The top lot was a 24-carat Fancy Intense Pink diamond ring by Bulgari, at $14.8 million. Excluding that lot, the sale made about 29% less than last year's equivalent. Christie's Geneva watch sale set a house record of $58.7 million, with all 218 lots sold.

Trends and Buying Patterns

Shoppers are buying fewer pieces but spending more on each, favouring recognised designs, higher-value materials and items that hold their worth.

Fewer grams, more value. The World Gold Council recorded the weakest third quarter for gold jewellery demand on its records, even though spending rose, according to Something About Rocks. High prices are pushing buyers towards lighter designs and gem-set pieces.

Higher carat in the UK. UK hallmarking tells a slightly different story. In September, 22ct gold was the only caratage to grow, up 17%, while 9ct fell 19%. Buyers who are still buying gold appear to be choosing higher-purity pieces.

Branded luxury jewellery is outperforming. Richemont's jewellery brands grew 19% in the six months to September, and Watches of Switzerland's luxury jewellery sales also rose 19%. Something About Rocks' analysis of jewellery's online year describes buyers choosing "icons, lasting value and pieces built to endure".

Silver volumes are down sharply. Silver articles hallmarked in September fell 42% on a year earlier, mostly in sterling silver. This may reflect high silver prices earlier in the year, as well as weaker demand for lower-priced gifts.

Researching online, buying later. Online searches for jewellery in 2026 are the highest in five years, according to Something About Rocks' own data. The BRC found online non-food sales rose 1.8% in October while in-store sales fell, as shoppers waited for Black Friday.

Younger collectors at auction. Millennials and Gen Z made up 40% of registered bidders at Christie's record Geneva watch sale, the publication reports. These are registrations, not confirmed buyers. Watches of Switzerland also cites strong demand for certified pre-owned watches.

Palladium is a small but growing niche. Palladium hallmarks rose 44% in September, though from a very low base of 1,350 articles. Platinum hallmarks fell 15%.

Policy Brief

More UK rate rises are possible. The Bank of England raised Bank Rate to 4% from 3.75% on 5 November, by an 8–1 vote. It expects inflation, 3.5% in September, to reach about 5% in spring 2027. This week Deputy Governor Clare Lombardelli said back-to-back rises remain possible, and markets expect another before the year end. Businesses with overdrafts or variable-rate loans should plan for higher costs.

Stronger design protection is on the way. The government has set out reforms to UK design law, published on 4 November. Designers will be able to file a registered design and keep it confidential for up to 30 months. Unregistered protection will apply wherever a design is first shown, ending a post-Brexit problem for launches at overseas fairs. Registered design disputes worth up to £10,000 will go to a small claims track. Much of this needs new law, and no dates have been set.

Unfair dismissal changes from 1 January. Under the Employment Rights Act, employees will be able to claim unfair dismissal after six months' service, down from two years, for dismissals on or after 1 January 2027. The cap on compensation will also be removed. Employers should review probation periods and keep clear records of performance reviews now.

The Week Ahead

Tuesday 17 November: US retail sales for October.
Wednesday 18 November: UK consumer price inflation for October (ONS, 7am). Minutes of the US Federal Reserve's last meeting are published the same day and could move gold.
Friday 20 November: ONS retail sales for October, and the GfK consumer confidence index for November, after October's 11-point fall to −24.
Mid to late November: UK hallmarking figures for October.
Friday 27 November: Black Friday, which the BRC says many shoppers are waiting for.

Sources

This report is a summary for information only and is not financial, legal or tax advice. Readers should take professional advice before making decisions.

Author:

Rebecca van Rooijen

Published: