Gold price today: one-year low under $3,900, set for worst October since 2008

What happened. On Friday 30 October gold hit a one-year low. By 2:13 p.m. ET (1813 GMT) spot gold was down 3.5% at $3,880.97 an ounce, its lowest since October 2025, Reuters reported. Silver fell 6.5% to $49, its first dip under $50 in 11 months. US December gold futures settled at $3,898.90, down 3.3% on the day. We covered the first break under $4,000 in an earlier story: https://freekonomist.com/news/gold-price-below-4000-hot-pce-2026-10-30/

The week and the month. Argaam's settlement table shows December gold futures down 2.72% on the week and 6.87% in October, and silver futures down 8.66% on the week and 18.31% in October. Mining.com says gold is on track for its worst October since 2008 and a second straight monthly decline. Outlets measure the month in different ways, so treat the exact monthly percentage as approximate.

Why it fell. Mining.com says rising oil hardened bets on another Federal Reserve rate hike, while a rout in tech shares pushed investors to sell metals to cover losses elsewhere. Argaam says markets widely expect a Fed hike in December, after the Fed held rates this week. Commerzbank analysts said the tech drop may have caused forced selling and margin calls, but they expect precious metals to recover. Kitco notes that gold fell even as the dollar and bond yields weakened, which is not the usual pattern. Oil matters here because it feeds inflation. Our live oil page is at https://freekonomist.com/commodities/brent/

Silver, platinum and miners. Silver, platinum and palladium lost 7% to 9% this week, against 2.9% for gold, and by one technical gauge (the Relative Strength Index) they are deep in oversold territory for the first time in three years, Reuters said. That signals strong selling momentum, not that a bounce is due. It now takes 79 ounces of silver to buy one ounce of gold, up from 46 in January. Mining.com reports that gold and silver producers fell as much as 8%.

Demand. Reuters says gold is under pressure from muted demand in Asia, and that analysts expect central bank buying to strengthen whenever gold is below $4,000. Mining.com adds that physical buyers in India and China are not stepping in yet.

What to watch. Kitco lists the US midterm elections on Tuesday and the US nonfarm payrolls report on Friday. Our live gold page is at https://freekonomist.com/commodities/gold/. Prices here are from Friday trading and can move on Monday.

已确认的事实

• On 30 October spot gold fell 3.5% to $3,880.97 an ounce by 2:13 p.m. ET (1813 GMT), its lowest level since October 2025.^[1]
• Silver dropped 6.5% to $49, breaking below $50 for the first time in 11 months.^[1]
• US December gold futures settled at $3,898.90 an ounce, down 3.3% on the day.^[1][4]
• Settlement table for 30 October: December gold futures down 2.72% on the week and 6.87% in October; November silver futures down 8.66% on the week and 18.31% in October.^[5]
• Gold is on track for its worst October since 2008 and a second straight monthly decline.^[3]
• Gold is down 30% since its record high of $5,595 in January, on bets that interest rates stay higher for longer.^[1]
• Data on Thursday showed US inflation accelerated in September.^[3]
• Rising oil prices hardened bets on another Fed rate hike, and a rout in tech shares led investors to sell metals to cover losses elsewhere.^[3]
• Markets widely expect the Fed to raise rates in December, after it held rates this week.^[5][2]
• Commerzbank analysts said the tech sell-off may have led to forced selling of gold and margin calls, and they expect precious metals to recover.^[1][5]
• Gold fell even as the US dollar and bond yields weakened.^[2]
• Silver, platinum and palladium fell 7% to 9% this week, against 2.9% for gold, taking their Relative Strength Index into oversold territory for the first time in three years.^[1]
• It takes 79 ounces of silver to buy one ounce of gold, up from 46 in January.^[1][5]
• Gold and silver producers fell as much as 8% on Friday.^[3]
• Nasdaq Composite fell 2.9%, S&P 500 1.8% and Dow Jones Industrial Average 1.1% on Friday.^[4]
• Gold is under pressure from muted demand in Asia, and analysts say central bank demand tends to strengthen whenever gold is below $4,000.^[1]
• Physical buyers in India and China are not stepping in yet.^[3]
• Next week's tests include the US midterm elections on Tuesday and the US nonfarm payrolls report on Friday.^[2]

影响

• 已确认Gold fell together with stocks on 30 October instead of rising as a safe haven.
• 已确认Gold can fall even when the dollar and bond yields weaken, as it did on Friday.
• 我们的解读Forced selling to raise cash was likely part of the drop, which suggests some of the move may be short-lived. This is analysts' reading and ours, not a forecast.
• 我们的解读Silver, platinum and palladium have less support than gold from central banks and safe-haven demand, so they fell harder.

仍未知

• Whether the sell-off is mostly forced selling or the start of a longer trend
• What the Fed decides in December
• Whether central bank buying picks up below $4,000
• How the US midterms and the jobs report move markets next week

影响到谁

World, United States, India, China, Gulf, Vietnam. People who watch gold and silver prices, hold metals or mining stocks, or follow what moves markets

来源

1. Reuters: Tech rout drives gold to one-year low, white metals sink deep into oversold zone 2026年10月30日 · 媒体
2. Kitco News: Gold prices plunge to one-year low below $3,900 as higher oil prices fuel fears of more pain ahead 2026年10月30日 · 媒体
3. MINING.COM: Gold price slumps to one-year low, silver price breaks $50 as mining stocks tank 2026年10月30日 · 媒体
4. MarketWatch: Why gold plunged to its lowest price in a year despite renewed Iran jitters 2026年10月30日 · 媒体
5. Argaam: الذهب يغلق دون 4 آلاف دولار ويسجل خسائر أسبوعية وشهرية 2026年10月30日 · 媒体