Updated 31 October 2026. Spot gold ended Friday at $3,875.19 an ounce and December COMEX futures settled 3.3 percent lower at $3,898.90 (The Gold Investor; Reuters via Kerala Kaumudi), the lowest levels since October 2025. Gold lost 3.7 percent on the week and about 7.2 percent over the month, its second straight monthly decline. Verdict: the weekend starts below $3,900 with a tech-stock rout and Fed hike bets still pressing; the week ahead brings the US midterms on 3 November and the jobs report on 6 November. Reference levels: $3,800 below, $4,000 above.
Key facts
- Friday close: spot gold $3,875.19 (The Gold Investor); December COMEX futures settled at $3,898.90, down 3.3 percent (The Gold Investor; Reuters via Kerala Kaumudi). Late in the session spot traded at $3,880.97, down 3.5 percent, its lowest since October 2025 (Reuters via Kerala Kaumudi).
- Week and month: spot gold fell 3.74 percent over the week and 7.22 percent over one month (The Gold Investor). Cryptoticker also puts October’s loss at 7.2 percent, which makes it a second consecutive monthly decline (Reuters).
- Silver: spot silver dropped about 5.8 percent to roughly $49.34, its lowest since November 2025 (CNBC) and its first move below $50 in 11 months (Kotak Neo).
- Stocks: the S&P 500 fell 1.82 percent and the Nasdaq 2.86 percent on Friday, with Intel down about 28.6 percent after weak guidance (Rio Times; Cryptoticker).
- The Fed: the Fed held rates at 3.75 percent to 4.00 percent on 28 October, with two officials voting for an immediate hike. Polymarket put the chance of another hike this year at 70 percent on Friday (Rio Times).
- Inflation data: September PCE inflation was 3.6 percent on the year and third-quarter GDP grew at a 3.4 percent annualized rate (BEA, 29 October).
Why gold fell 3% on Friday
Two forces hit gold at once. The first is rates. Gold pays no interest, and a week that brought two hike dissents at the Fed, 3.6 percent PCE inflation and 3.4 percent growth has pushed markets toward another hike. Peter Grant of Zaner Metals tied the drop to persistent inflation worries and a higher-for-longer rate outlook (via CNBC).
The second is forced selling. Friday’s tech rout, led by Intel’s 28.6 percent fall, hit leveraged investors who then sold what they could, including bullion. Commerzbank said margin-call liquidations probably played a part, but it called the precious-metals decline exaggerated and still expects a recovery (via CNBC). The dollar index barely moved, down 0.07 percent, and the 10-year Treasury yield held at 4.93 percent (Rio Times), so the move was not driven by the dollar or yields. That fits a liquidation day rather than a change in gold’s fundamentals.
The selling spread across the whole complex. Silver lost about 5.8 percent and fell below $50, and silver, platinum and palladium all posted weekly losses of 7 to 9 percent, with momentum indicators deep in oversold territory (BigGo Finance). Our Intel page covers the guidance that started the rout.
The levels for the week ahead
Gold failed at $4,000 for most of the week, and Friday took it through the $3,975 low from 23 October as well. Rio Times treats a move back above $4,000 as the first sign the forced selling is over, and marks $3,800 as the next round number below. Friday’s late-session low near $3,881 is the nearer floor. Our Friday morning gold page had $3,940 as its bear case; the market went through it the same day.
Gold this week: bull, base and bear
| Scenario | Gold | What has to happen | Anchor |
|---|---|---|---|
| Bear | $3,800 | The tech selloff continues into Monday, a strong 6 November jobs report adds to December hike bets, and leveraged sellers keep selling. | The next round number (Rio Times), about 1.9 percent below Friday’s $3,875.19 close. |
| Base | $3,840-$3,950 | Selling slows once margin calls are met, but gold stays capped while markets price another hike this year. | Friday’s late low near $3,881 to the old $3,940 bear target. |
| Bull | $4,000 | Stocks stabilise, the jobs report cools hike bets, and the oversold bounce Commerzbank expects begins. | The $4,000 line gold lost this week (Rio Times), about 3.2 percent above Friday’s close. |
What to watch this week
- Monday 2 November: the first Asian and European session after Friday’s rout, which will show whether the liquidation is over. Our Sunday gold page has Kitco’s weekly survey of where analysts expect gold to go.
- Tuesday 3 November: US midterm elections and the September JOLTS job openings report (The Gold Investor).
- Wednesday 4 November: US trade in goods and services data.
- Thursday 5 November: preliminary third-quarter productivity and costs.
- Friday 6 November: the October jobs report. Strong hiring would add to hike bets and hurt gold; weak hiring could cool them (Rio Times).
- Further out: the Fed’s 8-9 December meeting is the biggest single risk for gold this quarter (Rio Times). Oil matters too: see our Brent week-ahead page, since higher oil feeds the inflation numbers that drive hike bets.
Longer-term demand has not disappeared. Global gold ETFs took in about $10 billion in September, adding 67 tonnes and taking holdings to a record 4,256 tonnes (The Gold Investor). October’s flows will show whether that buying held up through the selloff.
Quick take: Gold closed the week at $3,875, down 3.7 percent on the week and about 7 percent in October, after a tech rout forced selling across metals. Expect $3,840-$3,950 into the jobs report; a strong print opens $3,800, and a move back to $4,000 needs stocks to stabilise and hike bets to cool.
FAQ
What is the gold price today?
Gold markets are closed for the weekend. Spot gold ended Friday 30 October 2026 at $3,875.19 an ounce, and December COMEX futures settled at $3,898.90 (The Gold Investor).
Why did gold drop so much on Friday?
A tech-stock selloff led by Intel forced leveraged investors to sell gold for cash, on top of rising bets on another Fed rate hike after strong growth and inflation data (Zaner Metals and Commerzbank via CNBC).
How much did gold fall in October?
Spot gold fell about 7.2 percent over the month (The Gold Investor; Cryptoticker), its second straight monthly decline.
Is gold at a one-year low?
Yes. Friday’s low near $3,881 was the lowest since October 2025 (Reuters via Kerala Kaumudi).
What is the silver price?
Spot silver fell about 5.8 percent on Friday to roughly $49.34 an ounce, its lowest since November 2025 (CNBC).
Will gold go back above $4,000?
Not without help. Rio Times treats a move back above $4,000 as the first sign the forced selling is over; that likely needs calmer stocks and a jobs report that cools hike bets. Commerzbank still expects a recovery.
What could move gold next week?
The US midterms on 3 November and the October jobs report on 6 November, plus any further selling in tech stocks.
Sources: The Gold Investor (spot close, December futures settlement, weekly and one-month change, ETF flows, week-ahead calendar, 31 October 2026); Reuters via Kerala Kaumudi (December settlement, late-session spot low); CNBC (silver price, Peter Grant and Commerzbank comments); Kotak Neo (silver below $50); Cryptoticker (October change, index moves); Rio Times (Intel, Fed vote, Polymarket odds, dollar index, Treasury yield, $4,000 and $3,800 levels); BigGo Finance (silver, platinum and palladium weekly losses); US Bureau of Economic Analysis (PCE and GDP, 29 October).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Precious metals prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.