As of: 2026-05-30
Each bar shows the individual value of an indicator (0--100). The percentage on the right indicates its weight in the overall score.
Red values signal fear, green values signal greed. The overall score is the weighted average of all indicators.
The chart shows the Fear & Greed Index over time. The colored zones mark the sentiment areas: Red = Fear, Yellow = Neutral, Green = Greed.
Navigation: Select the time period using the buttons (1M to Max). Hover over the chart to see the score on a specific day.
The Gold Fear & Greed Index is calculated on every trading day based on LBMA fixing prices and spot data. Six indicators are weighted and combined to produce a score from 0 (Extreme Fear) to 100 (Extreme Greed). Since gold is primarily an investment metal, the index is particularly sensitive to geopolitical tensions, interest rate decisions and central bank purchases.
Data sources: LBMA Fixing, spot prices, EUR/USD exchange rates. Updated daily on trading days. This index is for informational purposes only and does not constitute investment advice.
How the Index Is Calculated
Our Gold Fear & Greed Index distills six independent market signals daily into a single sentiment value. Each indicator is normalized to a uniform scale of 0 to 100 and assigned a fixed weight that reflects its significance for the gold market.
Calculation Formula
Score = ∑ (Indicatori × Weighti)
Each Indicatori ranges between 0 and 100, and the sum of all weights equals 1.0.
The 6 Indicators and Their Weights
Momentum
25 %Compares the current price with the 50-day moving average (SMA50). If the price is significantly above the average, greed prevails. If below, fear dominates. A distance of more than 10% from the SMA50 indicates an exaggeration.
Volatility
25 %Compares short-term volatility (10 days) with long-term volatility (60 days). A sharp increase in short-term volatility signals nervousness and fear. Stable volatility indicates composure.
Ratio Signal
15 %Analyzes the gold/silver ratio and other metal ratios. A rising ratio (gold gains relative to silver) signals a flight to safety = fear. A falling ratio shows risk appetite = greed.
Acceleration
15 %Measures whether the current price trend is accelerating or decelerating. Increasing upward acceleration signals greed -- more and more buyers are jumping in. A slowdown may indicate a trend reversal.
ATH Distance
10 %Measures the distance to the all-time high. The closer the price is to the ATH, the greedier the sentiment. A distance of over 20% indicates resignation and fear.
USD Strength
10 %Tracks the EUR/USD trend over 20 trading days. A weakening dollar is positive for precious metals (greed). A strengthening dollar depresses prices (fear).
Note: For copper, the ratio signal is omitted (weight 0%) since no meaningful reference ratio exists. The remaining indicators are weighted more heavily accordingly.
What the Values Mean
The five zones represent typical market phases in the gold market. Since gold is considered a safe haven, fear phases here are often shorter than for industrial metals -- investors flee into gold precisely during uncertainty.
Extreme Fear
Capitulation in the gold market: investors shed even the safe haven, often driven by liquidity squeezes like March 2020. Institutional investors sell gold to meet margin calls in other markets. Historically, such extreme points often marked the bottom of a correction.
Fear
Gold investors are unsettled and hold back on new purchases. Often triggered by rising real interest rates or a strengthening dollar. In this phase, contrarian investors typically begin building their positions.
Neutral
The gold market is consolidating. Neither macroeconomic fears nor euphoria dominate -- investors are waiting for the next interest rate decision, inflation data or geopolitical development as a directional impulse.
Greed
Rising gold prices fuel optimism. Central bank purchases, geopolitical crises or inflation fears drive demand. Retail investors increasingly enter -- the danger of FOMO purchases at peak prices grows.
Extreme Greed
Gold euphoria: media headlines trumpet new all-time highs, dealers report record demand. Historically, short-term corrections often followed such phases -- but in the long run, gold's uptrend continued in the majority of cases.
Historical Patterns
The gold market has experienced pronounced sentiment cycles for decades. As the primary investment metal and crisis currency, gold reacts with particular sensitivity to macroeconomic shifts:
Fear Phases in the Gold Market
The flash crash in April 2013 saw the gold price fall by over $200 within two days -- the index would have stood below 10. In March 2020, investors even sold gold to raise liquidity (margin calls). In mid-2022, the Fed's aggressive rate pivot pushed the gold price down for months. In all three cases, new highs followed within 6--18 months.
Rallies and Records
The gold rally of 2024/25 drove the price above $2,800 and the index into the 80--95 range for weeks. The euphoria was driven by massive central bank purchases (China, Poland, Turkey), de-dollarization trends and geopolitical crises. Despite sustained extreme greed values, the trend continued -- a sign that structural demand changes can override classic sentiment cycles.
Gold as an Early Indicator
When gold is rated significantly more optimistic than silver or the industrial metals, this typically signals a "flight to quality." Investors seek safety without broadly investing in commodities. Historically, the other metals often followed suit in such phases -- but with a delay of weeks to months.
Conclusion: The gold market does not forget: every crisis leaves a sentiment pattern. But no two crises are identical. Use historical parallels as orientation, not as a blueprint.
Contrarian Investing
Gold is the classic metal for contrarian investing: when the whole world is afraid, demand for the safe haven typically increases over the long term.
Buy When There Is Fear
Gold fear phases (index below 20) paradoxically often arise during liquidity crises when even gold is sold to generate cash. Precisely these phases -- like March 2020 -- historically offered the most attractive entry prices. A gold fear index below 20 has signaled a recovery within six months in over 70% of cases over the past 20 years.
Be Cautious When There Is Greed
With a gold index above 85, caution is warranted -- but no automatic sell is necessary. Gold trends can be structurally driven and last years (central bank purchases, de-dollarization). During greed phases, the recommendation is: maintain your savings plan but avoid special purchases and critically examine premiums on physical gold.
Conclusion: Gold rewards patience: those who systematically buy during fear phases and remain calm during greed phases have historically outperformed investors who followed sentiment.
Limitations & Pitfalls
Even for the most-watched precious metal in the world, the sentiment index has its limitations:
- ◆ Central bank purchases not captured — When central banks like China or Turkey buy large quantities of gold, this fundamentally changes demand -- the technical index only recognizes these purchases through their price impact, often with a delay of weeks.
- ◆ Structural bull markets — In phases like 2024/25, when de-dollarization and geopolitics drove a structural uptrend, the index remained at "Extreme Greed" for months -- without a correction following. The index does not distinguish between speculative and fundamental greed.
- ◆ Gold-specific demand flows — Jewelry demand from India and China, ETF inflows and outflows, and recycling supply significantly influence the price but are not directly included in the index.
- ◆ Crisis delay — In liquidity crises, gold is sold short-term even though it benefits long-term. The index then shows "fear" even though the medium- to long-term outlook is positive.
Conclusion: The Gold Fear & Greed Index is a sentiment compass for the gold market -- but gold follows different rules than most assets. Central banks, geopolitics and the dollar's status override short-term sentiment signals.
Frequently Asked Questions About the Fear & Greed Index
How often is the Gold Fear & Greed Index updated?
The index is calculated once per trading day after the London LBMA fixing. On weekends and holidays, the last trading day's value is retained. Intraday fluctuations in the gold price are not included -- the index captures the overarching daily sentiment in the gold market.
Why does gold often show higher values than other metals?
Gold has been in a structural uptrend since 2023, driven by central bank purchases and de-dollarization. This results in persistently high momentum and ATH values. A gold index of 70 is "more neutral" in this environment than the same value for platinum.
Is the index suitable for gold savings plans?
Yes, as a supplementary indicator. Savings plan buyers benefit long-term from the dollar-cost averaging effect. The index can help make additional purchases during fear phases or wait for the next scheduled purchase during extreme greed values instead of buying impulsively.
How does the Fed's interest rate policy affect the gold index?
Rising real interest rates typically depress the gold price and thus push the index downward (fear). Rate cuts or expectations of looser monetary policy drive the price and index upward (greed). However, the index only captures interest rate expectations indirectly through their price impact.
What distinguishes this detail page from the overview page?
The overview page shows all five precious metals side by side for a quick sentiment check. This detail page offers the complete indicator breakdown, an individual historical chart and the link to the current gold price -- ideal for targeted gold analysis.
Should I buy gold immediately during extreme fear?
Not blindly, but attentively. Extreme fear in gold (index below 15) has been a good entry point on a 6-month basis in about 70% of past cases. Key: spread purchases over several days and do not wait for the absolute low -- you practically never catch it.