Gold set a new record in early 2026, but has cooled sharply since and now trades well below that peak. For anyone with jewellery, coins or scrap gold still lying at home, that raises a logical question: is this still a good time to sell? Below we set out the figures, the context and the expectations, without haste and without sales talk.
What happened with the gold price
In late January 2026, gold peaked at around 5,300 dollars per troy ounce, a level the precious metal had never reached before. A firm decline followed. The main reason was not panic, but a shift in expectations about the interest-rate policy of the US central bank.
Over the course of spring, the market counted ever less on rate cuts, and at one point even on a possible rate hike. A higher rate makes saving more attractive and gold, which pays no interest, relatively less interesting. At the same time, capital flowed out of exchange-listed gold funds. The result was a market that stayed high, but with heavy swings.
Why gold moves so much
Gold rarely moves for one reason. Today several forces are at play at once:
- Interest-rate policy. If the market expects rate cuts, gold usually rises. If that expectation reverses, it falls. That explains this year’s sharp swings.
- Geopolitics. A growing conflict between the US and Iran drove up the oil price and inflation fears. This time the effect was paradoxical: higher inflation pushed rate expectations up, which weighed on gold.
- Central banks. They keep buying net gold year after year and so form a firm floor under the market, even when investors briefly step back.
The rate you see in the media is almost always the price for pure gold per ounce, in dollars. Your jewellery is not. An 18-carat piece contains 75 percent gold, the rest is alloy. That is why we always convert back to the pure gold value of your pieces, per gram.
What analysts expect
Anyone following the big banks notices that opinions differ for the end of 2026. JP Morgan reckons with gold heading towards 6,000 dollars per ounce, and Wells Fargo aims at a range of 6,100 to 6,300 dollars. UBS sits around 5,500 dollars. Others have grown more cautious: Goldman Sachs lowered its target to 4,900 dollars, and Deutsche Bank went lower still.
What do you learn from that? Not that one bank is right and the other wrong, but that even the biggest houses disagree. No one knows the exact top. The broad line is shared, though: most analysts remain positive for the longer term, even if the price can swing sharply along the way.
What does this mean for your sale?
A high rate does not automatically mean you should sell today. It does mean your gold is now worth considerably more than a few years ago. Anyone who has been hesitating for a while gets a more favourable starting point. Anyone in no hurry need do nothing, because gold does not lose its value.
Because of the swings, the amount you receive can differ from week to week. That is why one thing matters more than the exact moment: knowing how your price comes about. An honest buyer works with a transparent margin and shows you the calculation. So always ask for the price per gram of pure gold and for the carat fineness applied.
And taxes?
For private individuals in Belgium, selling your own gold and jewellery is generally untaxed, as long as it concerns normal management of your private assets. If you occasionally sell an heirloom or old jewellery, that as a rule falls outside a capital gains tax. If you act professionally or speculatively, the rules are different.
Unsure about your situation? We are happy to give a first, no-obligation estimate and refer you to your accountant for the tax confirmation.
Our advice
Have your gold valued without obligation, so you know what it is worth today. With that figure in hand, you decide at your own pace. No pressure, no obligation. Whether you sell or not, you now know exactly where you stand.