A deepening slide

Spot gold fell as much as 3.2% to $3,891.67 an ounce on Friday 30 October, its weakest since 28 October last year, and was trading down 2.7% at $3,910.53 by late morning in New York, MINING.COM reported with files from Reuters and Bloomberg. Comex gold for December delivery dropped 3.1% to $3,907.90 an ounce after touching $3,900.90, a week after sliding below $4,000 for the first time since July.

Silver fared worse, sliding 5.8% to $49.34 an ounce, its first time under $50 since November 2025, and down roughly 18% for the month. Comex silver for December fell as much as 6.3% to $49.08. Earlier on Friday, Kitco and Reuters had put spot gold at about $3,980.40 by 1107 GMT and spot silver down 3.6% to $50.50, showing the slide deepened during the US session.

Why metals are falling

Drivers cited by the sources include rising oil prices hardening bets on another US Federal Reserve rate hike, with traders now pricing a more than 70% chance of a December hike; US inflation accelerating in September, in data published on Thursday; the Fed and the European Central Bank both holding rates this week but pointing to inflation risks from surging energy costs; and a tech-stock rout forcing investors to sell metals to cover losses elsewhere.

Gold is on track for a drop of about 6% in October, its worst October showing since 2008, and a second straight monthly decline. Bullion now trades about 28% below the record close of $5,419.83 set on 28 January. Gold and silver producers fell as much as 8%, with Newmont down 5%, Agnico Eagle down 6.7%, Barrick down 5% and Kinross down 7.7% to near its 52-week low, MINING.COM reported.

Pakistan prices also fall

In Pakistan, the All Pakistan Gems and Jewelers Association reported 24-karat gold per tola down Rs 5,100 to Rs 420,536 on 30 October, with 10 grams down Rs 4,373 to Rs 360,541, and silver per tola down Rs 238 to Rs 5,530, according to Pakistan Observer.

Sources: MINING.COM (Reuters/Bloomberg files) | Kitco News (Reuters) | Pakistan Observer