Gold prices fell to a one-year low on October 30, 2026, as precious metals declined alongside a selloff in technology shares. Spot gold was down 3.5% at $3,880.97 an ounce by 2:13 p.m. ET, its lowest level since October 2025.
Key Takeaways
- Silver fell below $50 an ounce for the first time in 11 months.
- December US gold futures settled 3.3% lower at $3,898.90 an ounce.
- Commerzbank analysts said the stock selloff may have prompted forced selling of gold, but that explanation was not confirmed.
Gold prices fall alongside other metals
Silver dropped 6.5% to $49 an ounce. Platinum fell 4.2% to $1,425.02, while palladium lost 3% to $976.08. Platinum and palladium touched their lowest levels in 13 and 17 months, respectively.
The three white metals fell between 7% and 9% over the week, compared with a 2.9% decline in gold. Their Relative Strength Index readings moved deeply into oversold territory, an indicator of the strength of recent downward momentum.
| Item | Details |
|---|---|
| Spot gold | $3,880.97 per ounce, down 3.5% at 2:13 p.m. ET |
| Spot silver | $49 per ounce, down 6.5% |
| Platinum | $1,425.02 per ounce, down 4.2% |
| Palladium | $976.08 per ounce, down 3% |
| December US gold futures | Settled at $3,898.90 per ounce, down 3.3% |
Stock selloff and silver demand in focus
Technology shares fell amid concerns about returns on artificial intelligence spending. Commerzbank analysts said the decline may have led to margin calls and forced selling of assets such as gold. The simultaneous moves do not establish that stocks caused the metals selloff.
HSBC said industrial and jewelry demand for silver was falling. Separately, in its February silver market outlook, the Silver Institute forecast a 2% decline in industrial silver fabrication in 2026 and a second consecutive annual drop in jewelry demand. Those earlier forecasts do not establish the cause of Friday’s price move.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
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