Gold Price Today, October 30, 2026: Gold Falls 1.9% as Silver Sinks 4.7%

Gold fell $76.92, or 1.91%, to $3,942 an ounce today, down from yesterday's $4,019 close. Silver took the harder hit, falling 4.73% to $49.84, and is now down 17.14% over the past month. So much for the safe haven, at least for today.

Why gold moved

The news-driven explanation is oil. According to Kitco, gold and silver fell after an attack near the Strait of Hormuz lifted oil prices. StoneX also points to bond yields and oil prices as the forces behind silver's slide.

A geopolitical shock would normally help gold. A shock that pushes oil higher can also revive inflation worries. Those worries keep interest rates high, and high rates hurt an asset that pays no interest. The data shows a faint trace of that. The 10-year breakeven inflation rate edged up to 2.35% from 2.32% a week earlier.

The rest of the macro data does not explain today's drop, and some of it points the other way. Through October 28, the 10-year real yield eased to 2.67% from 2.76%. The nominal 10-year Treasury yield slipped to 5.05% from 5.13%. The broad dollar index was slightly softer at 121.32, compared with 121.40 a week earlier, though that reading dates from October 23.

All three were mild tailwinds for gold, and all of them predate today's move. A real yield of 2.67% is still a high bar for a metal with no coupon. Our yield data does not yet cover today's selloff, so the full rate picture is unclear.

The Fed held steady. The effective fed funds rate was 3.88% on October 28, the day of the FOMC decision, unchanged from a week earlier.

Positioning may have added fuel. As of October 20, managed-money traders held a net long position of 104,206 gold futures contracts, down 2,883 from the prior week. When a large group of bullish traders is already trimming, a bad headline can turn into a fast drop.

What it means for buyers and sellers

For jewelry sellers, today's melt values per gram are:

• 24K: $126.63
• 22K: $116.19
• 18K: $95.06
• 14K: $74.15
• 10K: $52.86

Most American jewelry is 14K or 10K. Dealers and pawn shops pay a percentage of melt value, not the full figure. Weigh your pieces and run them through the gold calculator before you accept an offer. If you have not decided where to sell, our guide on how to sell gold covers the options.

For coin and bar buyers, a lower spot price lowers the base cost. Dealer premiums do not always shrink on volatile days, though. Compare the total price you pay, not just the spot quote.

Silver is the bigger story for stackers at $49.84. The gold-silver ratio is 79.1, which means one ounce of gold now buys about 79 ounces of silver. Check the live silver price before you buy, because the metal is moving quickly. Platinum ($1,439) and palladium ($999) were unchanged in our data today.

What to watch

One item remains on this week's U.S. calendar. The Employment Cost Index is due Friday, October 30 at 8:30 a.m. ET. The forecast is 0.8%, compared with 0.9% for the previous reading. A hotter wage number would add to the inflation concerns that weighed on the metals today.

Nothing else is scheduled after that. Oil and Treasury yields, the drivers already in play, are left to set the tone into the weekend.

Prices at publication