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Gold Sentiment Index

BullionTree Gold Sentiment Index

One daily reading, from 0 to 100, of the market conditions around gold: price momentum, futures positioning, real interest rates, the dollar, ETF holdings and central-bank buying. Every input is public data and every reading shows its date.

BGSI describes market conditions. It is not investment advice or a price forecast.

Explore the index ↓How it works

BGSI reading 49 out of 100, Neutral / Mixed, for Oct 29, 2026.

Reading for Oct 29, 2026
Calculated Oct 30, 2026, 1:17 AM UTC

Previous reading

48

Oct 28, 2026 (+0.9 since)

7-day change

−4.8

Since Oct 22, 2026. Little changed.

Trading sentiment

39 / 100

Bearish

Macro sentiment

58 / 100

Neutral / Mixed

Sentiment vs. gold price

The index (left axis, 0 to 100) against gold's price (right axis, US dollars per troy ounce). The two are on separate scales, and one line does not lead the other: historically the index has not predicted gold's next move.

From Oct 29, 2025 to Oct 29, 2026, BGSI moved from 53 to 49 while gold moved from $3,965 to $4,052 per ounce.

Dashed line: reconstructed history. Readings before Sep 30, 2026 were calculated after the fact, using only data published by each date. Gaps are days withheld for insufficient data.

Gold price: MetalpriceAPI daily close, the same series the index is calculated from.

View this range as a table
BGSI and gold price, 1Y range
DateBGSIReadingGold (USD/oz)
Oct 29, 202649 (Neutral / Mixed)Live$4,052
Oct 28, 202648 (Neutral / Mixed)Live$4,058
Oct 27, 202649 (Neutral / Mixed)Live$4,015
Oct 26, 202649 (Neutral / Mixed)Live$3,995
Oct 23, 202651 (Neutral / Mixed)Live$4,024
Oct 22, 202653 (Neutral / Mixed)Live$4,122
Oct 21, 202648 (Neutral / Mixed)Live$4,116
Oct 20, 202648 (Neutral / Mixed)Live$4,138
Oct 19, 202648 (Neutral / Mixed)Live$4,182
Oct 16, 202647 (Neutral / Mixed)Live$4,155
Oct 15, 202646 (Neutral / Mixed)Live$4,123
Oct 14, 202643 (Neutral / Mixed)Live$4,163
Oct 13, 202641 (Neutral / Mixed)Live$4,162
Oct 12, 202640 (Bearish)Live$4,202
Oct 9, 202639 (Bearish)Live$4,146
Oct 8, 202638 (Bearish)Live$4,110
Oct 7, 202637 (Bearish)Live$4,168
Oct 6, 202635 (Bearish)Live$4,136
Oct 5, 202633 (Bearish)Live$4,149
Oct 2, 202633 (Bearish)Live$4,171
Oct 1, 202636 (Bearish)Live$4,152
Sep 30, 202633 (Bearish)Live$4,185
Sep 29, 202631 (Bearish)Reconstructed$4,122
Sep 28, 202633 (Bearish)Reconstructed$4,256
Sep 25, 202635 (Bearish)Reconstructed$4,267
Sep 24, 202637 (Bearish)Reconstructed$4,288
Sep 23, 202642 (Neutral / Mixed)Reconstructed$4,365
Sep 22, 202646 (Neutral / Mixed)Reconstructed$4,371
Sep 21, 202646 (Neutral / Mixed)Reconstructed$4,365
Sep 18, 202643 (Neutral / Mixed)Reconstructed$4,354
Sep 17, 202643 (Neutral / Mixed)Reconstructed$4,284
Sep 16, 202643 (Neutral / Mixed)Reconstructed$4,282
Sep 15, 202645 (Neutral / Mixed)Reconstructed$4,285
Sep 14, 202648 (Neutral / Mixed)Reconstructed$4,346
Sep 11, 202649 (Neutral / Mixed)Reconstructed$4,319
Sep 10, 202655 (Neutral / Mixed)Reconstructed$4,396
Sep 9, 202658 (Neutral / Mixed)Reconstructed$4,352
Sep 8, 202659 (Neutral / Mixed)Reconstructed$4,417
Sep 7, 202657 (Neutral / Mixed)Reconstructed$4,426
Sep 4, 202658 (Neutral / Mixed)Reconstructed$4,482
Sep 3, 202654 (Neutral / Mixed)Reconstructed$4,391
Sep 2, 202652 (Neutral / Mixed)Reconstructed$4,323
Sep 1, 202656 (Neutral / Mixed)Reconstructed$4,456
Aug 31, 202658 (Neutral / Mixed)Reconstructed$4,460
Aug 28, 202666 (Bullish)Reconstructed$4,601
Aug 27, 202670 (Bullish)Reconstructed$4,617
Aug 26, 202674 (Bullish)Reconstructed$4,654
Aug 25, 202674 (Bullish)Reconstructed$4,684
Aug 24, 202671 (Bullish)Reconstructed$4,638
Aug 21, 202667 (Bullish)Reconstructed$4,520
Aug 20, 202666 (Bullish)Reconstructed$4,514
Aug 19, 202661 (Bullish)Reconstructed$4,342
Aug 18, 202661 (Bullish)Reconstructed$4,420
Aug 17, 202659 (Neutral / Mixed)Reconstructed$4,378
Aug 14, 202660 (Bullish)Reconstructed$4,353
Aug 13, 202664 (Bullish)Reconstructed$4,421
Aug 12, 202661 (Bullish)Reconstructed$4,376
Aug 11, 202661 (Bullish)Reconstructed$4,405
Aug 10, 202658 (Neutral / Mixed)Reconstructed$4,344
Aug 7, 202654 (Neutral / Mixed)Reconstructed$4,245
Aug 6, 202651 (Neutral / Mixed)Reconstructed$4,266
Aug 5, 202647 (Neutral / Mixed)Reconstructed$4,073
Aug 4, 202646 (Neutral / Mixed)Reconstructed$4,065
Aug 3, 202646 (Neutral / Mixed)Reconstructed$4,071
Jul 31, 202645 (Neutral / Mixed)Reconstructed$4,101
Jul 30, 202646 (Neutral / Mixed)Reconstructed$4,082
Jul 29, 202643 (Neutral / Mixed)Reconstructed$4,021
Jul 28, 202643 (Neutral / Mixed)Reconstructed$4,066
Jul 27, 202643 (Neutral / Mixed)Reconstructed$4,115
Jul 24, 202641 (Neutral / Mixed)Reconstructed$4,044
Jul 23, 202642 (Neutral / Mixed)Reconstructed$4,127
Jul 22, 202641 (Neutral / Mixed)Reconstructed$4,091
Jul 21, 202640 (Bearish)Reconstructed$4,011
Jul 20, 202639 (Bearish)Reconstructed$3,995
Jul 17, 202638 (Bearish)Reconstructed$3,985
Jul 16, 202637 (Bearish)Reconstructed$4,056
Jul 15, 202636 (Bearish)Reconstructed$4,053
Jul 14, 202634 (Bearish)Reconstructed$3,994
Jul 13, 202635 (Bearish)Reconstructed$4,087
Jul 10, 202639 (Bearish)Reconstructed$4,122
Jul 9, 202639 (Bearish)Reconstructed$4,085
Jul 8, 202638 (Bearish)Reconstructed$4,103
Jul 7, 202638 (Bearish)Reconstructed$4,154
Jul 6, 202639 (Bearish)Reconstructed$4,176
Jul 3, 202636 (Bearish)Reconstructed$4,130
Jul 2, 202633 (Bearish)Reconstructed$4,043
Jul 1, 202632 (Bearish)Reconstructed$4,009
Jun 30, 202633 (Bearish)Reconstructed$4,012
Jun 29, 202634 (Bearish)Reconstructed$4,060
Jun 26, 202633 (Bearish)Reconstructed$4,016
Jun 25, 202634 (Bearish)Reconstructed$4,010
Jun 24, 202634 (Bearish)Reconstructed$4,108
Jun 23, 202636 (Bearish)Reconstructed$4,184
Jun 22, 202636 (Bearish)Reconstructed$4,156
Jun 19, 202639 (Bearish)Reconstructed$4,193
Jun 18, 202639 (Bearish)Reconstructed$4,296
Jun 17, 202640 (Neutral / Mixed)Reconstructed$4,339
Jun 16, 202640 (Bearish)Reconstructed$4,315
Jun 15, 202637 (Bearish)Reconstructed$4,300
Jun 12, 202632 (Bearish)Reconstructed$4,217
Jun 11, 202632 (Bearish)Reconstructed$4,048
Jun 10, 202632 (Bearish)Reconstructed$4,219
Jun 9, 202634 (Bearish)Reconstructed$4,320
Jun 8, 202634 (Bearish)Reconstructed$4,344
Jun 5, 202638 (Bearish)Reconstructed$4,456
Jun 4, 202639 (Bearish)Reconstructed$4,455
Jun 3, 202640 (Neutral / Mixed)Reconstructed$4,476
Jun 2, 202642 (Neutral / Mixed)Reconstructed$4,480
Jun 1, 202643 (Neutral / Mixed)Reconstructed$4,541
May 29, 202641 (Neutral / Mixed)Reconstructed$4,497
May 28, 202638 (Bearish)Reconstructed$4,448
May 27, 202638 (Bearish)Reconstructed$4,522
May 26, 202636 (Bearish)Reconstructed$4,552
May 25, 202634 (Bearish)Reconstructed$4,573
May 22, 202632 (Bearish)Reconstructed$4,533
May 21, 202631 (Bearish)Reconstructed$4,544
May 20, 202631 (Bearish)Reconstructed$4,488
May 19, 202631 (Bearish)Reconstructed$4,581
May 18, 202633 (Bearish)Reconstructed$4,527
May 15, 202639 (Bearish)Reconstructed$4,648
May 14, 202646 (Neutral / Mixed)Reconstructed$4,696
May 13, 202648 (Neutral / Mixed)Reconstructed$4,722
May 12, 202650 (Neutral / Mixed)Reconstructed$4,767
May 11, 202649 (Neutral / Mixed)Reconstructed$4,682
May 8, 202648 (Neutral / Mixed)Reconstructed$4,704
May 7, 202647 (Neutral / Mixed)Reconstructed$4,699
May 6, 202644 (Neutral / Mixed)Reconstructed$4,590
May 5, 202643 (Neutral / Mixed)Reconstructed$4,528
May 4, 202646 (Neutral / Mixed)Reconstructed$4,612
May 1, 202647 (Neutral / Mixed)Reconstructed$4,623
Apr 30, 202644 (Neutral / Mixed)Reconstructed$4,561
Apr 29, 202646 (Neutral / Mixed)Reconstructed$4,610
Apr 28, 202651 (Neutral / Mixed)Reconstructed$4,700
Apr 27, 202652 (Neutral / Mixed)Reconstructed$4,679
Apr 24, 202653 (Neutral / Mixed)Reconstructed$4,696
Apr 23, 202653 (Neutral / Mixed)Reconstructed$4,706
Apr 22, 202656 (Neutral / Mixed)Reconstructed$4,745
Apr 21, 202659 (Neutral / Mixed)Reconstructed$4,829
Apr 20, 202657 (Neutral / Mixed)Reconstructed$4,751
Apr 17, 202655 (Neutral / Mixed)Reconstructed$4,790
Apr 16, 202653 (Neutral / Mixed)Reconstructed$4,830
Apr 15, 202652 (Neutral / Mixed)Reconstructed$4,832
Apr 14, 202652 (Neutral / Mixed)Reconstructed$4,758
Apr 13, 202650 (Neutral / Mixed)Reconstructed$4,671
Apr 10, 202650 (Neutral / Mixed)Reconstructed$4,753
Apr 9, 202649 (Neutral / Mixed)Reconstructed$4,700
Apr 8, 202651 (Neutral / Mixed)Reconstructed$4,840
Apr 7, 202646 (Neutral / Mixed)Reconstructed$4,660
Apr 6, 202644 (Neutral / Mixed)Reconstructed$4,625
Apr 3, 202643 (Neutral / Mixed)Reconstructed$4,677
Apr 2, 202641 (Neutral / Mixed)Reconstructed$4,792
Apr 1, 202634 (Bearish)Reconstructed$4,698
Mar 31, 202629 (Bearish)Reconstructed$4,518
Mar 30, 202626 (Bearish)Reconstructed$4,426
Mar 27, 202623 (Bearish)Reconstructed$4,397
Mar 26, 202627 (Bearish)Reconstructed$4,539
Mar 25, 202630 (Bearish)Reconstructed$4,573
Mar 24, 202629 (Bearish)Reconstructed$4,348
Mar 23, 202632 (Bearish)Reconstructed$4,410
Mar 20, 202637 (Bearish)Reconstructed$4,657
Mar 19, 202641 (Neutral / Mixed)Reconstructed$4,839
Mar 18, 202646 (Neutral / Mixed)Reconstructed$5,012
Mar 17, 202646 (Neutral / Mixed)Reconstructed$5,011
Mar 16, 202645 (Neutral / Mixed)Reconstructed$5,000
Mar 13, 202647 (Neutral / Mixed)Reconstructed$5,119
Mar 12, 202649 (Neutral / Mixed)Reconstructed$5,156
Mar 11, 202650 (Neutral / Mixed)Reconstructed$5,217
Mar 10, 202650 (Neutral / Mixed)Reconstructed$5,144
Mar 9, 202649 (Neutral / Mixed)Reconstructed$5,064
Mar 6, 202653 (Neutral / Mixed)Reconstructed$5,083
Mar 5, 202656 (Neutral / Mixed)Reconstructed$5,181
Mar 4, 202659 (Neutral / Mixed)Reconstructed$5,161
Mar 3, 202665 (Bullish)Reconstructed$5,363
Mar 2, 202666 (Bullish)Reconstructed$5,336
Feb 27, 202664 (Bullish)Reconstructed$5,177
Feb 26, 202664 (Bullish)Reconstructed$5,190
Feb 25, 202662 (Bullish)Reconstructed$5,170
Feb 24, 202662 (Bullish)Reconstructed$5,190
Feb 23, 202661 (Bullish)Reconstructed$5,148
Feb 20, 202658 (Neutral / Mixed)Reconstructed$5,014
Feb 19, 202659 (Neutral / Mixed)Reconstructed$4,964
Feb 18, 202660 (Neutral / Mixed)Reconstructed$4,888
Feb 17, 202664 (Bullish)Reconstructed$4,947
Feb 16, 202667 (Bullish)Reconstructed$5,022
Feb 13, 202667 (Bullish)Reconstructed$4,952
Feb 12, 202666 (Bullish)Reconstructed$5,050
Feb 11, 202664 (Bullish)Reconstructed$5,045
Feb 10, 202664 (Bullish)Reconstructed$5,032
Feb 9, 202660 (Neutral / Mixed)Reconstructed$4,968
Feb 6, 202655 (Neutral / Mixed)Reconstructed$4,758
Feb 5, 202658 (Neutral / Mixed)Reconstructed$4,980
Feb 4, 202660 (Neutral / Mixed)Reconstructed$5,041
Feb 3, 202660 (Bullish)Reconstructed$4,823
Feb 2, 202663 (Bullish)Reconstructed$4,636
Jan 30, 202675 (Bullish)Reconstructed$5,335
Jan 29, 202678 (Bullish)Reconstructed$5,478
Jan 28, 202677 (Bullish)Reconstructed$5,186
Jan 27, 202674 (Bullish)Reconstructed$5,064
Jan 26, 202673 (Bullish)Reconstructed$5,058
Jan 23, 202667 (Bullish)Reconstructed$4,947
Jan 22, 202663 (Bullish)Reconstructed$4,786
Jan 21, 202665 (Bullish)Reconstructed$4,803
Jan 20, 202661 (Bullish)Reconstructed$4,671
Jan 19, 202662 (Bullish)Reconstructed$4,666
Jan 16, 202660 (Bullish)Reconstructed$4,603
Jan 15, 202662 (Bullish)Reconstructed$4,614
Jan 14, 202661 (Bullish)Reconstructed$4,616
Jan 13, 202661 (Bullish)Reconstructed$4,595
Jan 12, 202659 (Neutral / Mixed)Reconstructed$4,582
Jan 9, 202657 (Neutral / Mixed)Reconstructed$4,459
Jan 8, 202657 (Neutral / Mixed)Reconstructed$4,458
Jan 7, 202659 (Neutral / Mixed)Reconstructed$4,472
Jan 6, 202657 (Neutral / Mixed)Reconstructed$4,441
Jan 5, 202655 (Neutral / Mixed)Reconstructed$4,403
Jan 2, 202656 (Neutral / Mixed)Reconstructed$4,350
Jan 1, 202657 (Neutral / Mixed)Reconstructed$4,319
Dec 31, 202560 (Neutral / Mixed)Reconstructed$4,354
Dec 30, 202564 (Bullish)Reconstructed$4,334
Dec 29, 202567 (Bullish)Reconstructed$4,513
Dec 26, 202567 (Bullish)Reconstructed$4,515
Dec 25, 202567 (Bullish)Reconstructed$4,480
Dec 24, 202567 (Bullish)Reconstructed$4,513
Dec 23, 202565 (Bullish)Reconstructed$4,484
Dec 22, 202561 (Bullish)Reconstructed$4,366
Dec 19, 202562 (Bullish)Reconstructed$4,326
Dec 18, 202564 (Bullish)Reconstructed$4,330
Dec 17, 202563 (Bullish)Reconstructed$4,318
Dec 16, 202562 (Bullish)Reconstructed$4,305
Dec 15, 202561 (Bullish)Reconstructed$4,311
Dec 12, 202560 (Neutral / Mixed)Reconstructed$4,274
Dec 11, 202561 (Bullish)Reconstructed$4,243
Dec 10, 202560 (Neutral / Mixed)Reconstructed$4,214
Dec 9, 202560 (Neutral / Mixed)Reconstructed$4,196
Dec 8, 202562 (Bullish)Reconstructed$4,205
Dec 5, 202563 (Bullish)Reconstructed$4,197
Dec 4, 202564 (Bullish)Reconstructed$4,212
Dec 3, 202565 (Bullish)Reconstructed$4,217
Dec 2, 202563 (Bullish)Reconstructed$4,203
Dec 1, 202563 (Bullish)Reconstructed$4,230
Nov 28, 202561 (Bullish)Reconstructed$4,178
Nov 27, 202558 (Neutral / Mixed)Reconstructed$4,158
Nov 26, 202555 (Neutral / Mixed)Reconstructed$4,141
Nov 25, 202553 (Neutral / Mixed)Reconstructed$4,128
Nov 24, 202549 (Neutral / Mixed)Reconstructed$4,056
Nov 21, 202549 (Neutral / Mixed)Reconstructed$4,080
Nov 20, 202550 (Neutral / Mixed)Reconstructed$4,105
Nov 19, 202552 (Neutral / Mixed)Reconstructed$4,074
Nov 18, 202553 (Neutral / Mixed)Reconstructed$4,038
Nov 17, 202557 (Neutral / Mixed)Reconstructed$4,086
Nov 14, 202560 (Bullish)Reconstructed$4,185
Nov 13, 202562 (Bullish)Reconstructed$4,188
Nov 12, 202560 (Bullish)Reconstructed$4,144
Nov 11, 202557 (Neutral / Mixed)Reconstructed$4,119
Nov 10, 202555 (Neutral / Mixed)Reconstructed$4,014
Nov 7, 202555 (Neutral / Mixed)Reconstructed$3,985
Nov 6, 202554 (Neutral / Mixed)Reconstructed$3,975
Nov 5, 202551 (Neutral / Mixed)Reconstructed$3,937
Nov 4, 202554 (Neutral / Mixed)Reconstructed$3,997
Nov 3, 202552 (Neutral / Mixed)Reconstructed$3,979
Oct 31, 202552 (Neutral / Mixed)Reconstructed$4,030
Oct 30, 202549 (Neutral / Mixed)Reconstructed$3,958
Oct 29, 202553 (Neutral / Mixed)Reconstructed$3,965

What's driving the score

How each component affects the Oct 29, 2026 reading. The index has six components; each one's influence is shown as points above or below neutral.

Bullish drivers

Components lifting the reading above neutral.

  1. 10Y real yield+6.5 points

    Falling real yields push the index up; rising real yields push it down.

  2. Central-bank demand (reported)+1.5 points

    Buying above the usual pace pushes the index up.

Bearish drivers

Components holding the reading below neutral.

  1. Gold price momentum−3.5 points

    Rising prices and a price above its averages push the index up.

  2. Futures positioning−2.2 points

    A larger or growing net long position pushes the index up.

  3. ETF flows (GLD holdings)−1.6 points

    Growing holdings push the index up.

  4. USD strength−1.2 points

    A weaker dollar pushes the index up; a stronger dollar pushes it down.

Figures are points each component adds to or takes from a neutral 50 in the day's calculation. They add up exactly to that calculation; the headline then averages it with the previous reading.

Why the score moved this week

Change in each component's contribution over the last seven days.

  • ETF flows (GLD holdings)−3.4 points
  • 10Y real yield−1.8 points
  • USD strength−1.5 points
  • Gold price momentum−1.1 points
  • Central-bank demand (reported)−0.8 points
  • Futures positioning−0.5 points

The index fell 4.8 points since Oct 22, 2026.

ETF flows (GLD holdings) took away the most (−3.4). Across all components the day's calculation moved −9.2; the headline moves less because it is smoothed.

This describes what changed in the inputs. It is not a view on where gold goes next.

Trading vs. macro view

The index splits into two sub-indices so you can see whether near-term market behaviour or the wider backdrop is doing the work.

Trading Sentiment

Shorter-term market behaviour: gold's price momentum and how speculators are positioned in futures.

39/ 100Bearish

Made up of: Gold price momentum, Futures positioning.

Macro Sentiment

The wider backdrop: real interest rates, the dollar, ETF holdings and central-bank demand.

58/ 100Neutral / Mixed

Made up of: 10Y real yield, USD strength, ETF flows (GLD holdings), Central-bank demand (reported).

Explore the components

Six components in four groups. Each is scored against its own history, then combined.

Momentum

Gold price momentum

Score 40 · data to Oct 29, 2026

How gold's own price has moved: returns over the past day up to about six months, and how far the price sits above or below its 20, 50 and 200-day averages.

How it affects the index

Rising prices and a price above its averages push the index up.

Updated:
Daily
Part of:
Trading Sentiment

Positioning

Futures positioning

Score 41 · data to Oct 20, 2026

How heavily large speculators (the CFTC's "managed money" category) are positioned in COMEX gold futures: their net long position as a share of open interest, and how it changed in the latest week.

How it affects the index

A larger or growing net long position pushes the index up.

Updated:
Weekly (Tuesday positions, published Friday)
Part of:
Trading Sentiment

Monetary conditions

10Y real yield

Score 68 · data to Oct 29, 2026

The 10-year US Treasury real yield (the TIPS yield), the return on a safe asset after inflation, which is the main opportunity cost of holding gold.

How it affects the index

Falling real yields push the index up; rising real yields push it down.

Updated:
Daily (US business days)
Part of:
Macro Sentiment

Monetary conditions

USD strength

Score 45 · data to Oct 29, 2026

The US dollar against a basket of six major currencies (euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc).

How it affects the index

A weaker dollar pushes the index up; a stronger dollar pushes it down.

Updated:
Daily
Part of:
Macro Sentiment

Flows

ETF flows (GLD holdings)

Score 44 · data to Oct 28, 2026

The change in gold held by SPDR Gold Shares (GLD), the largest US gold ETF, over one week, one month and three months. Measured in tonnes, so a rising price alone doesn't count as an inflow.

How it affects the index

Growing holdings push the index up.

Updated:
Daily
Part of:
Macro Sentiment

Flows

Central-bank demand (reported)

Score 62 · data to Aug 31, 2026

Net gold purchases reported by central banks over the last three and twelve months, compared with what has been normal over the past ten years.

How it affects the index

Buying above the usual pace pushes the index up.

Updated:
Monthly, about six weeks after month end
Part of:
Macro Sentiment

Want the detail behind the scoring?

Read the methodology →

How BGSI works

A transparent, rules-based index built for education. The same rules produce every reading, and a change to them is released as a new methodology version rather than an edit to past scores.

1. Inputs

Six components built from public data, each updated as its source publishes. Nothing is estimated or filled in by hand.

2. Scoring

Each component is compared with its own recent history (about three years for daily data, ten for central banks), so a score says how unusual today is, not how big the raw number is. 50 is neutral. The headline averages each day's calculation with the previous reading, so a single noisy day can't swing it.

3. Publishing

A new reading is calculated after each US weekday close. If too much of the input data is missing or out of date, that day's reading is withheld rather than published on thin data, and the page says so.

Reading the score

BGSI sentiment bands
ScoreReading
80 to 100Strongly Bullish
60 to under 80Bullish
40 to under 60Neutral / Mixed
20 to under 40Bearish
0 to under 20Strongly Bearish

The bands are set so that about half of all days since 2011 read neutral and roughly one in twenty reaches a "Strongly" band. Trading and Macro sentiment use the same bands.

Limitations

  • BGSI describes conditions. In testing over 2011 to 2026 its readings showed no reliable relationship with gold's subsequent returns, so it should not be used to time purchases or sales.
  • ETF flows come from one fund (GLD), not every gold ETF worldwide.
  • Central-bank demand only includes purchases that central banks report to the IMF. Undisclosed buying, which has been large in recent years, is not captured, and the data arrives with a delay.
  • Readings before the index went live were reconstructed: calculated later, using only the data that had been published by each date, but under a methodology finalised afterwards. The chart marks them.

BGSI describes market conditions. It is not investment advice or a price forecast.

Methodology version bgsi-gold-1.1 · history from Dec 21, 2011 · live readings since Sep 30, 2026. Calculated after each US weekday close; dates are UTC.

Data: MetalpriceAPI (gold and exchange rates), US Department of the Treasury, U.S. Commodity Futures Trading Commission, SPDR Gold Shares, International Monetary Fund. BGSI is calculated by BullionTree and is not endorsed by, or an official statistic of, any of these organisations.

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