Key Highlights

● Gold futures fell $132.50 to $3,898.90 an ounce on Friday, October 30, 2026.

● The settlement was a 52-week low.

● January's record was $5,595.

● Silver also slid toward $49 an ounce.

Gold futures for December delivery fell $132.50 to settle at $3,898.90 an ounce on Friday, October 30, 2026, according to market data. The close marked a 52-week low and left the metal far below its record of $5,595, set in January.

Reports differed on the size of the move. One market data snapshot put gold at $3,884.90 during the session, but the settlement figure was $3,898.90. Silver fell as well, sliding toward $49 an ounce, with both metals hitting 52-week lows.

Rate-hike bets weigh

The main driver cited for the selloff was a repricing of Federal Reserve expectations. According to market data and market data, bets on a rate hike, firm oil prices and Inflation worries pushed gold to its one-year low. CME FedWatch data cited by market data on Friday showed a December hike as the expected outcome.

Gold pays no interest, so it tends to lose appeal when rates are expected to rise. Higher rates increase the return on alternatives such as Treasury bills and cash, making the metal more expensive to hold by comparison.

The Fed's hawkish tone

On Friday, three Fed officials argued for higher rates. St. Louis Fed President Alberto Musalem said, "I judge that additional firming of Monetary Policy will be necessary, and soon." Dallas Fed President Lorie Logan said she wants at least two more quarter-point hikes. Richmond Fed President Tom Barkin said, "I think the question though is pace."

The Fed left its benchmark rate range unchanged at its October 27-28 meeting, but Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a hike. Inflation data has kept pressure on the central bank: September's personal consumption expenditures price index showed headline and Core Inflation at their highest levels since May.

Miners slide

Gold-mining stocks followed the metal lower. Newmont (NYSE:NEM), Agnico Eagle Mines (NYSE:AEM) and Wheaton Precious Metals (NYSE:WPM) all fell as precious metals hit 52-week lows. Silver miners, including Hecla Mining (NYSE:HL), Coeur Mining (NYSE:CDE), Endeavour Silver (NYSE:EXK) and Silvercorp Metals, also declined.

The selling in metals came on a difficult day for markets overall. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite lost 747.73 points to 25,437.00, its worst day since June.

Gold's slide stood out because it came during a broad stock selloff, when the metal is sometimes seen as a refuge. Instead, investors moved into defensive stock sectors such as consumer staples, utilities and health care, while energy shares rose with oil.

Crypto Assets also fell. Bitcoin slid after a reported $6.3 billion hack of the Binance exchange. Meanwhile, the dollar index edged lower to 101.92 and Treasury yields fell, moves that would usually support gold, making the decline more notable.

What to watch

The Fed remains the key variable for gold. The October jobs report on Friday, November 6, and the Institute for Supply Management's surveys next week will shape expectations for the December meeting. Strong data could reinforce rate-hike bets and add pressure on the metal, while weaker numbers could ease it.

Investors will also watch oil prices and tensions around Iran and the Strait of Hormuz, which feed into inflation expectations. With gold now well below January's $5,595 record, traders will be watching whether the 52-week low holds or whether selling continues into November.