Gold's slide deepened sharply on Friday, October 30, as spot prices fell as much as 3.2% to $3,891.67 an ounce — the metal's weakest level in a year — before trading near $3,879.90, down $141.60 or 3.52%, in late US trade, Kitco's PM report said. It was the latest leg of a sell-off that had already pulled gold below $4,000 earlier this week.

December Comex gold futures dropped 3.1% to $3,907.90 an ounce after touching $3,900.90, Mining.com reported with files from Reuters and Bloomberg. Silver fared worse, sliding 5.8% to $49.34 an ounce — its first time below $50 since November 2025 — and finishing October down roughly 18%.

$3,891.67Gold intraday low on Oct 30
-3.2%Spot gold fall on Friday
$49.34Silver — first below $50 since Nov 2025
About -6%Gold in October, its worst October since 2008

Why the safe haven fell

Analysts cited two forces. First, surging oil prices have revived inflation fears and hardened expectations that the US Federal Reserve could raise rates again in December — traders put the chance at about 75%, according to the CME FedWatch tool reported by TradingKey — and higher rates hurt gold, which pays no interest. UBS analyst Giovanni Staunovo told Reuters that gold was hit by stronger-than-expected US GDP data together with the oil-driven pressure on the Fed.

Second, a deepening rout in technology stocks forced investors to sell profitable metal positions to raise cash and cover losses elsewhere, a liquidation dynamic analysts cited by Reuters identified on Friday. Platinum was dragged down too, touching a 13-month low near $1,434 an ounce.

The monthly picture is stark: gold is on track to fall about 6% in October, its worst October since the 2008 financial crisis and a second straight monthly decline, and it now trades about 28% below the record close of $5,419.83 set on January 28. Physical demand has not yet rushed in — Reuters reported demand in India stayed subdued this week as buyers held off in hope of lower prices, and demand in top consumer China stayed muted, even as Asian investors picked up gold-backed funds that North American investors were dumping.

For Punjabi and Indian families, for whom gold is both savings and wedding-season buying, a one-year low cuts both ways: jewellery becomes cheaper, but households that bought near this year's record highs are sitting on paper losses. Yaani, at about $3,900 an ounce, one gram of gold works out to roughly $125 before local premiums and taxes.

Sources: Mining.com (with Reuters and Bloomberg files); Kitco PM Report, October 30, 2026; TradingKey/MiTrade market report.