New figures mark the first time the value of gold has dropped over two consecutive quarters since 2022, falling by 2.6% in Q3 2026 and 9.6% in Q2.

77 Diamonds analysed average monthly and quarterly precious metal prices, measured in US dollars per troy ounce, across gold, silver and platinum. The research examined quarterly price movements during Q3 2026 compared to Q2 2026.

The research is indicative of the fact that the average gold value during Q3 2026 stood at an estimated $4,307 (£3257) per troy ounce.

This marks an estimated decline of -2.6% on the previous quarter (Q2 2026), when a quarterly decline of -9.6% left the value of gold at $4,420 (£3342) per troy ounce.

This is the first time since 2022 that the value of gold has dropped over two consecutive quarters. This downward pattern continues across other metals.

Silver’s value fell by -9.3% in Q3 to sit at an estimated average of $63.27 (£47.84) per troy ounce, while platinum fell by -4.9% to sit at $1,741 (£1317) per troy ounce.

Meanwhile, diamond values fell for the fifth consecutive quarter, hitting a Q3 2026 average index value of 82.0.

This is -2.5% down on Q2, and leaves the value of diamonds at its lowest point since at least 2020.

Tobias Kormind, MD and co-founder of 77 Diamonds, commented: “Gold’s second consecutive quarterly decline is significant because sustained price growth has become such a defining feature of the precious metals market.

“We are now seeing a more prolonged period of correction, with gold, silver and platinum all falling again in Q3 and diamond values continuing to weaken.

“The important point is that these markets are not simply returning to where they were a few years ago.

“Even after the recent declines, precious metal prices remain at historically elevated levels, so consumers and the jewellery industry are still operating in a very different pricing environment.

“The continued fall in diamond values, meanwhile, highlights how differently the various components of the jewellery market can behave.

“For jewellery buyers, softer prices could create opportunities, but the wider picture remains one of considerable volatility.

“Rather than focusing on individual quarterly movements, it is more useful to look at how these markets are evolving over time, particularly after the exceptional price increases seen over the past couple of years.”