How QT impacts gold
Quantitative tightening, or QT, is QE in reverse: the Federal Reserve lets the bonds it holds mature without replacing them, so its balance sheet shrinks.
The record has two QT runs: October 2017 to July 2019, and June 2022 to November 2025. The Fed ended the second on 1 December 2025.
Gold ended higher across both: up about 10% over the first and about 123% over the second.
Silver split: down 6.5% over the first, up about 133% over the second. Two cases are too few to call a pattern.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026