Gold Ends October at a One-Year Low After Friday Rout Below US$3,900 — Precious Metals Daily Update, October 31, 2026

Gold closed out October at a one-year low on Saturday, with Friday's closing levels carried into the weekend after a sharp month-end rout pushed the metal below US$3,900 per ounce. Gold held around US$3,875.65 / C$5,415.12 per ounce, down 3.62 percent in US dollars and down 3.75 percent in Canadian dollars from the prior close. Silver held around US$49.14 / C$68.63 per ounce, down 5.81 percent in US dollars and down 5.92 percent in Canadian dollars, while platinum held around US$1,435.75 / C$2,007.04 per ounce, down 3.53 percent in US dollars and down 3.56 percent in Canadian dollars. On Friday, spot gold fell as much as 3.2 percent and silver slid below US$50 per ounce for the first time since November 2025, and New York closing prices put gold at US$3,883.35 per ounce, silver at US$49.07 per ounce and platinum at US$1,424.63 per ounce, with Kitco showing gold near US$3,874.40 per ounce early on Saturday morning, in line with the site readings above. The rout capped gold's worst October since 2008, down about 6 percent on the month and roughly 28 percent below its January 28 record close of US$5,419.83 per ounce, for a second straight monthly decline. A tanker attack in the Strait of Hormuz pushed crude oil toward a fourth straight monthly gain and revived inflation fears, just after Thursday's data showed September PCE inflation at 3.6 percent year over year and stronger than expected US GDP growth. That kept the focus on Wednesday's hawkish Federal Reserve hold at 3.75 to 4.00 percent in a 10 to 2 vote, with traders pricing roughly 75 to 80 percent odds of a December rate hike, while a selloff in technology shares added liquidation pressure as investors sold liquid holdings to cover losses elsewhere. Silver fell roughly 15 to 16 percent in October, and platinum also posted steep weekly and monthly declines. For investors: Friday's close below US$3,900, and below the US$4,000 level that had held for much of the year, leaves the near-term trend under pressure until buyers can reclaim those levels on a daily close. The week ahead is unusually crowded, with US midterm elections on Tuesday, November 3, alongside JOLTS job openings and a speech by Bank of Canada Governor Macklem at 11:00 AM ET, so headline risk runs all week and not just on data days. What matters most for December hike pricing is whether the ISM surveys hold their firm levels with high prices paid, and whether Friday's jobs report confirms a labour market strong enough for the Fed to tighten again. Staggered buying around confirmed support, rather than chasing the first bounce after a one-year low, remains the more disciplined approach in a market that has fallen this far this fast. For jewelers: Weekend pricing in Canadian dollars is materially lower across all three metals, which lowers replacement cost for holiday inventory but also lowers scrap values at the same pace. Gold near C$5,415.12 per ounce is well down from its prior close near C$5,626.13 per ounce, silver near C$68.63 per ounce has dropped back below C$70, and platinum near C$2,007.04 per ounce is holding just above the C$2,000 level after a volatile month. That relief can reverse quickly when trading reopens on Monday if US data or Fed commentary pushes yields and the dollar higher again. Confirming metal pricing at the time of transaction, keeping trade and scrap buying aligned to live spot, and quoting customers clearly after a sharp move helps protect margins for Gold Stock Corp customers. Coming up — events that will move metals this week: Monday, November 2, 10:00 AM ET — US ISM manufacturing PMI for October (forecast 54.7, prior 54.5, with the prices index previously at 77.9), followed by Fed speaker Goolsbee at 11:15 AM ET: a firm survey with high prices paid would reinforce the inflation case behind December hike pricing and pressure bullion, while a softer reading would question it. US clocks went back one hour on Sunday, November 1, so all times this week are Eastern Standard Time. Wednesday, November 4, 10:00 AM ET — US ISM services PMI for October (forecast 54.9, prior 54.9), with the ADP employment report earlier the same morning: services are the larger part of the US economy, so a strong services print with firm hiring would support higher yields and the dollar, while a miss would set up a more cautious tone into Friday's payrolls. Thursday, November 5, 7:00 AM ET — Bank of England rate decision and Monetary Policy Report (forecast a hike to 4.00 percent, prior 3.75 percent), with US weekly jobless claims at 8:30 AM ET (forecast 197,000, prior 194,000) and Canada's federal budget at 4:00 PM ET: a UK hike would underline that the global tightening cycle is not over, and any surprise on rates, claims or the Canadian budget can move the US dollar, the Canadian dollar and yields straight into metals. Friday, November 6, 8:30 AM ET — US October jobs report (nonfarm payrolls forecast up 56,000, prior 29,000 in September; unemployment rate forecast steady at 4.2 percent; monthly wage growth forecast 0.3 percent, prior 0.1 percent), with Canada's October employment report released the same morning: this is the biggest data test before the Fed's December meeting, so strong payrolls or wages on either side of the border would lift hike odds and pressure gold, silver and platinum, while a soft report would challenge that pricing. Live prices: https://www.goldstocklive.com