Strong US growth and inflation figures on Thursday pushed up market bets on a December rate rise. Gold pays no interest, so it felt the pressure, and silver fell harder.
Gold traded below $4,000 on Friday 30 October 2026, and FXStreet said it was on track for a monthly loss of about 3.5%. BullionVault reported that silver fell on Thursday to its lowest level since late November 2025, after US data strengthened market bets on a December rate rise.
What happened
Gold slid below the $4,000 mark in Asian trading on Friday and stayed under it into the early European session, FXStreet reported. It was the second straight day of selling. On Thursday, Kitco had spot gold near $4,024 in late US trading, down about 1%. Prices move through the day, so these are the levels as reported at those times.
The US figures behind the move
According to BullionVault, the US economy grew at an annualised rate of 3.4% in the third quarter, against forecasts of 3.2%, and PCE inflation rose to 3.6% in September from 3.4%. These figures followed the Federal Reserve's decision on 28 October to hold its target range at 3.75% to 4% by 10 votes to 2, with two members wanting a rise. BullionVault reported that CME's FedWatch tool put the probability of a December hike at 83.3% by 1pm London time on Thursday. That is what markets were pricing at that moment, not a forecast of what the Fed will do.
Why rate expectations move gold
Gold pays no interest. When investors expect higher rates, assets that do pay interest look more attractive by comparison, and holding gold costs more in income given up. FXStreet noted that this week the pressure held even as US bond yields and the dollar fell, which shows how much attention is on the Fed's next step.
Silver fell harder
BullionVault said silver dropped 2.6% on Thursday to $52.39, its lowest since late November 2025, and pointed out that nearly 60% of the metal's annual demand comes from industrial uses. The gold-to-silver ratio, which shows how many ounces of silver one ounce of gold would buy, widened to around 77, its highest in 11 months.
What this means if you own gold or silver
A spot price is one input. It says nothing about the maker, age, condition or rarity of a particular piece, and those often matter a great deal in antique jewellery, signed pieces and collectable coins. Read is now a good time to sell gold for the things worth weighing up, or see how to sell gold or sell silver with us. Every piece is different: send us a few photos and we will tell you what yours is worth, free and with no obligation.
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- FXStreet: Gold bears retain control below $4,000 (30 Oct 2026)
- BullionVault: Gold prices slip as Fed rate outlook shifts; silver hits 11-month low (29 Oct 2026)
- Kitco: Gold, silver fall on strong US GDP and inflation (29 Oct 2026)
- Federal Reserve: FOMC statement (28 Oct 2026)
Figures as published by FXStreet, BullionVault, Kitco and the Federal Reserve at the times stated. This is news, not investment advice. Mozeris Fine Antiques is not connected with anyone named. No photograph is used because no licensed image was available.
