Precious metals extend losses
Kitco News reported spot gold at about $3,880 an ounce, a daily decline of 3.5% and a weekly loss of nearly 3%. The metal had not traded that low since Oct. 6, 2025, when it reached an intraday low of $3,884.61.
Silver's decline was sharper: prices fell about 6% that day, with Kitco News and Yahoo Finance/Stocktwits reporting readings of roughly $48.95 to $49.08 an ounce. It was silver's first move below $50 since November 2025. The metal lost nearly 9% over the week, its worst weekly performance since early June.
Margin calls and rate expectations weigh on gold
Market analysts cited by Kitco News and Yahoo Finance/Stocktwits attributed much of gold's selloff to the technology-led equity rout, rather than changes in gold-specific fundamentals. Investors facing margin calls sold readily tradable assets, including gold, to raise cash.
Rising crude oil prices added pressure. Another tanker attack in the Strait of Hormuz pushed oil higher, intensifying inflation concerns and expectations that the Federal Reserve would maintain restrictive monetary policy. Those expectations weighed on gold, which pays no yield.
The Fed held interest rates steady at its late-October meeting, but traders continued to anticipate a December increase. Yahoo Finance/Stocktwits reported that the CME FedWatch Tool assigned about a 73% probability to a hike that month.
Gold funds and benchmarks retreat
Investing.com's Oct. 30 listings showed SPDR Gold Shares (GLD) at 355.78, down 3.47%, with trading volume of 16.27 million. iShares Gold Trust (IAU) was down 3.51% at 72.92, while abrdn Physical Gold Shares (SGOL) lost 3.45% to 36.95.
Yahoo Finance/Stocktwits reported that GLD reached a new 52-week low and that iShares Silver Trust (SLV) sank to its lowest level in more than 11 months. Their year-to-date losses stood at about 10% for GLD and more than 32% for SLV.
The ProShares products moved in opposite directions: Ultra Gold (UGL) fell 7.00% to 39.46, while UltraShort Gold (GLL) rose 7.06% to 28.65.
Among the Oct. 30 benchmark readings, Bloomberg Gold declined 3.29% to 340.49, and Dow Jones Commodity Gold lost the same percentage to 1,346.31. TOCOM Gold Mini futures were listed at 20,145.00, down 2.28%.
The AMEX Gold BUGS Settle reading was older than the other figures. Its latest listed value, dated Oct. 16, was 727.32, a decline of 10.23% on that date.
Technical levels and the week ahead
Following the selloff, gold stood roughly 13.5% below its 200-day moving average, which was near $4,490 an ounce, according to Kitco News. One technical analyst expected an eventual test of support at $3,800, though some analysts viewed the decline as a long-term buying opportunity.
Investors were looking to the following week's U.S. midterm elections and Friday nonfarm payrolls report as potential catalysts for gold.
