REPORT: Market Intelligence: Week ending 6 November 2026

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Precious metals bounced back this week after a punishing October, but gold slipped on Friday after strong US jobs figures, a day after the Bank of England raised interest rates to 4%. On the high street, shoppers are holding back, though Pandora's results suggest jewellery demand is holding up better than many feared.

Precious Metals

Gold is about £3,020 an ounce, rising this week before falling back on Friday, and remains about 28% below January's record.

Metal	Price per troy ounce	Price per gram	The week	Context
Gold	about £3,020	about £97	Up around 5% before Friday's jobs report, then down about 1% on the day	About 28% below January's record high
Silver	about £38.80	about £1.25	Weekly gain	Less than half its January record
Platinum	about £1,137	about £36.50	Up about 6% from October's close	Fell 16% in October
Palladium	about £762	about £24.50	Back above $1,000 an ounce	Fell 19% in October

Spot prices for pure metal on Friday 6 November, converted from US dollars at about $1.34 to £1. Prices for alloys, such as 9ct gold or sterling silver, and dealers' selling prices will differ.

What's moving prices
interest rates are the main story. Two US Federal Reserve officials backed further small rate rises this week to tackle inflation, and markets see about a 70% chance of a rise in December. Higher rates make gold, which pays no interest, less attractive to investors. Friday's US jobs figures were much stronger than expected (165,000 new jobs against forecasts of about 60,000), strengthening the case for a rise, and gold fell back towards $4,000 an ounce.

Oil is the other factor. Brent crude has been hovering near $100 a barrel because of the US-Iran conflict, and analysts at UBS say oil, inflation and gold are closely linked at the moment. Hopes of a de-escalation pushed oil down this week.

Goldman Sachs has cut its forecast for gold at the end of 2026 from $4,650 to $4,150 an ounce, citing the Fed's tougher stance. Underlying demand still looks firm: central banks bought 321 tonnes of gold in the third quarter, and gold held by exchange-traded funds reached a record 4,256 tonnes.

At the bench
metal is far cheaper than at January's peak, which helps makers buying stock for Christmas. But prices are still volatile, and gold can swing by several percent in a week. If you're quoting for commissions, it's worth building in a metal price review date or quoting for a limited period.

Hallmarking

UK hallmarking fell 28% year on year in September, to 552,911 articles across the four assay offices.

Metal	Articles, September 2026	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%

Silver drove the decline. Within gold, 14ct was down 27%, 9ct down 19% and 18ct down 6%, while 22ct was the one bright spot, up 17%. Palladium's rise is from a very small base.

Hallmarking figures are a useful sign of what the trade is making and selling. The growth in 22ct, at a time of high gold prices, suggests buyers are treating high-purity gold as a store of value as well as jewellery. October's figures are due later this month.

Retail

UK spending
shoppers remain cautious. According to the BRC-KPMG Retail Sales Monitor, total retail sales grew 1.3% year on year in September, down from 2.3% a year earlier, with non-food sales up just 0.3%. Official ONS figures showed sales volumes fell 0.4% in September, partly because unusually warm weather hit clothing sales and higher petrol prices squeezed budgets. The BRC's figures for October are due next week.

Pandora
the world's largest jewellery brand reported 6% organic growth in the third quarter, with like-for-like sales up 4% and growth in every region. It has narrowed its 2026 sales forecast towards the top of its range. Chief executive Berta de Pablos-Barbier said the company's "growth engine is re-energising", calling it "an encouraging step in a challenging consumer environment". October was slower, with like-for-like growth of 1% as Pandora cut back on promotions.

Pandora is also trialling platinum-plated jewellery. The trial began in the Netherlands in July and has spread to the UK, US and Australia, with a wider switch planned from 2027. It's one to watch, as brands look for ways to manage volatile silver costs.

Diamonds
De Beers kept its rough diamond prices unchanged at its October sight, the third in a row since it cut prices in July. Sales volumes were low, with manufacturers buying little ahead of India's Diwali holiday, when polishing factories close for two to four weeks. Demand for smaller polished diamonds (0.30 to 0.69 carats), which had been strong since April, has cooled. The sale of Anglo American's stake in De Beers is still unresolved.

Trends and Buying Patterns

With shoppers watching their money, buyers are looking for either lasting value or meaning, and pieces that offer neither will find this Christmas harder.

Statement jewellery is back
After several seasons of quiet luxury, bold pieces are returning for autumn/winter: chunky chains, large hoops and layered necklaces. Pinterest interest in "chunky jewellery" has more than doubled on last year. Stylists suggest a 70/30 rule: one statement piece balanced by smaller, simpler ones. For makers and retailers, that points to a strong focal piece with simpler pieces to sell alongside it.

Buyers are trading up in purity, or down in price
High gold prices are pulling buying in two directions. September's hallmarking figures showed 22ct gold up 17% while 9ct and 14ct fell. At the other end, plated and fashion jewellery is holding up well, with Pandora reporting growth in every region and trialling platinum plating as an alternative to volatile silver costs.

Celestial and talismanic motifs.
Stars, compasses and symbols of guidance are a strong theme this Christmas, from Kit Heath's North Star Golden Edit to Dower & Hall's Guiding Compass decoration. Jewellery with a meaning or a message continues to sell well as a gift.

Personalisation as the gift.
Personalised jewellery is now being sold on prime-time TV: Abbott Lyon's ITV campaign centres on birthstones, engraving and photo lockets. For independents, bespoke and personalised work is a clear way to compete with mass-market brands.

Men's jewellery is growing
Diamonds Factory has launched a new men's collection, and judges at this year's AGTA Spectrum Awards noted brooches designed for men as well as women.

Colour and gemstones
Coloured stones continue to replace diamonds in engagement rings, and bezel settings and moonstones were among the trends noted at the AGTA awards. Red is the colour of the season, with Stuller naming "Signature Red" its colour of the year.

Red carpet
White gold and diamonds dominated at the VMAs, where Dakota Johnson wore Messika's Divine Enigma necklace with an emerald-cut diamond pendant.

Policy Brief

Interest rates rise to 4%
The Bank of England raised rates from 3.75% to 4% on 5 November, its first rise since the start of the Iran conflict. Inflation was 3.5% in September, and the Bank expects it to reach around 5% by the middle of next year, mainly because of higher energy prices. For businesses, this means dearer borrowing and shoppers with less to spend. The next decision is on 17 December.

What the Budget means for jewellery businesses.
Chancellor John Healey's Budget on 28 October included:

Minimum wage: the National Living Wage rises 3.9% to £13.21 an hour from April 2027, and the apprentice rate to £8.31. Workshops employing apprentices or junior staff should budget for this now.
Business rates: Small Business Rates Relief expands from April 2027. Properties with a rateable value up to £18,000 will pay no business rates, with tapered relief up to £21,000.
Trading allowance: the tax-free allowance for small side incomes triples from £1,000 to £3,000 from April 2027, good news for makers selling work alongside a job.
Investment: the first-year allowance for equipment rises from 40% to 50% from January 2027, making it cheaper to invest in tools and machinery.
Selling online: online marketplaces will have to collect VAT on sales by certain sellers from October 2027. Makers who sell through platforms such as Etsy should watch for the details.
Selling a business: the lifetime limit for Business Asset Disposal Relief halves to £500,000 from April 2027. Owners planning to retire or sell may want to take advice.
Energy: VAT on electricity stays at zero until July 2027.

Employment law: what's next
The Employment Rights Act continues to roll out. Since October 2026, employers have had a duty to take steps to prevent sexual harassment, and staff have longer to bring tribunal claims. From January 2027, employees will be protected from unfair dismissal after six months' service, rather than two years, and "fire and rehire" will be banned. Limits on zero-hours contracts and stronger flexible working rights follow later in 2027. Small employers should review contracts and probation periods before January.

Design protection reformed
The government has announced reforms to make design protection simpler and cheaper, including a lower-cost small claims route through the courts for registered designs and new powers to stop people registering designs they didn't create. It has ruled out making the copying of unregistered designs a crime, which the campaign group ACID has strongly criticised.

AI and copyright
The government dropped plans earlier this year to let AI companies train on creative work without permission. The rules are still under review, so designers should keep dated records of their sketches and process.

Hallmarking
The Goldsmiths' Company will introduce a special 700th anniversary mark on 4 January 2027.

Exporting to the US
The US Supreme Court struck down the "reciprocal" tariffs in February, and importers can claim refunds, but other US tariffs remain in place. UK businesses selling to the US should check the current rate for their products with a customs broker before quoting.

The week ahead

BRC-KPMG Retail Sales Monitor for October: the first read on how the run-up to Christmas has started.
Christie's Magnificent Jewels, Geneva (10 November): led by The Bulgari Pink, a 24-carat Fancy Intense Pink diamond estimated at CHF 10–15 million, a test of demand at the top of the market.
October hallmarking figures: due later this month.
Metals: with central bank decisions and oil prices driving the market, expect volatility to continue. Many traders see $4,000 an ounce as a key level for gold.
Interest rates: the Bank of England's next decision is on 17 December.

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: