Gold Falls Below US$4,000 to a Three-and-a-Half-Month Low on Friday as Hormuz Oil Shock Fans Fed Hike Fears — Precious Metals Daily Update, October 30, 2026

Gold fell below the US$4,000 mark on Friday morning and hit its lowest level in three and a half months, as precious metals sold off across the board into month-end. Gold held around US$3,933.68 / C$5,492.55 per ounce, down 2.18 percent in US dollars and down 3.51 percent in Canadian dollars on the session. Silver held around US$49.85 / C$69.60 per ounce, down 4.45 percent in US dollars and down 7.83 percent in Canadian dollars, while platinum held around US$1,432.52 / C$1,999.99 per ounce, down 3.75 percent in US dollars and down 7.44 percent in Canadian dollars. In early global trade, Reuters reported spot gold down 1 percent to US$3,980.40 per ounce after touching its lowest since July 17, with spot silver down 3.6 percent to US$50.50 per ounce and platinum down 3 percent to US$1,443.69 per ounce, and the site readings above show that pressure deepened into the North American morning, with silver at its lowest levels of the year. The selloff followed renewed attacks on commercial shipping in the Strait of Hormuz, which pushed crude oil prices higher and reinforced inflation concerns despite fresh evidence of moderating US wage growth. The US employment cost index rose 0.8 percent in the third quarter, in line with consensus and down from 0.9 percent in the prior quarter, but that softer wage print was not enough to offset Thursday's firm PCE inflation and stronger GDP data, or Wednesday's hawkish Federal Reserve hold at 3.75 to 4.00 percent in a 10 to 2 vote. Markets still price December hike odds near 80 percent, and gold is headed for a second straight monthly decline, down about 4.3 percent in October. The Bank of Japan also held its policy rate at 1.25 percent on Friday, as expected, but with a hawkish tilt, while a tech-stock selloff added to the risk of investors selling metal to cover losses elsewhere. For investors: The break below US$4,000 is the key technical event of the week, and the near-term question is whether buyers defend the session lows, with gold's intraday low near US$3,924.55 on the site feed, or whether December hike pricing drags the metal deeper before next week's data. Resistance now sits back at the US$4,000 level and the US$4,015 to US$4,039 zone above it, so a daily close back above US$4,000 would ease the bearish pressure, while a firm Chicago PMI reading or hawkish Fed speaker comments today would reinforce it. Wednesday's ADP employment report and ISM services survey then set the tone for Friday's jobs report, the release most likely to move December pricing. With silver and platinum falling much more sharply than gold today, position sizing and staggered buying around confirmed levels remain more disciplined than chasing a falling market on a volatile month-end Friday. For jewelers: Friday's pricing is materially lower in Canadian dollars for all three metals, which changes both replacement cost and scrap value through the day. Gold near C$5,492.55 per ounce is well down from its prior close near C$5,692.09, silver near C$69.60 per ounce has fallen sharply, and platinum near C$1,999.99 per ounce has slipped back below the C$2,000 level, easing restocking costs for holiday inventory after a difficult month. That relief can reverse quickly if today's US data or next week's jobs figures push yields higher again, and scrap payouts fall at the same pace as spot on a day like this. Confirming metal pricing at the time of transaction, keeping trade and scrap buying aligned to live spot, and quoting customers clearly on a fast-moving day helps protect margins for Gold Stock Corp customers. Coming up — events that will move metals this week: Friday, October 30, 9:45 AM ET — US Chicago PMI for October (consensus near 56, prior 58.8), followed by Fed speakers Daly at 12:00 PM ET and Musalem at 12:30 PM ET: the PMI tests whether US factory momentum is holding into the fourth quarter, and the first Fed commentary since Wednesday's hawkish hold can move December hike pricing, yields and the dollar straight into metals into the month-end close. Monday, November 2, 10:00 AM ET — US ISM manufacturing PMI for October (prior 54.5 in September, with the prices index at 77.9): a firm reading with high prices paid would reinforce the inflation story behind the Fed's hawkish tilt and pressure bullion, while a softer survey would question that pricing and could support a relief move. US clocks go back one hour on Sunday, November 1, so all ET release times shift for overseas watchers. Thursday, November 5, 7:00 AM ET — Bank of England rate decision and Monetary Policy Report, with US weekly jobless claims at 8:30 AM ET the same morning: a surprise on UK rates or guidance can move sterling, the US dollar and global yields, which feeds directly into dollar-priced metals, and claims will show whether the US labour market is cooling ahead of Friday's payrolls. Friday, November 6, 8:30 AM ET — US October jobs report (nonfarm payrolls and unemployment rate), 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 would lift December hike odds and pressure gold, silver and platinum, while a soft report would challenge that pricing on both sides of the border. Live prices: https://www.goldstocklive.com