Gold prices plunge, hitting 4-month low

Affected by factors such as rising international crude oil prices, intensifying inflationary pressure in the United States, and rising market expectations for further interest rate hikes by the Federal Reserve, international gold prices fell sharply on the 30th, with both gold spot and futures prices falling below the US$4,000 per ounce mark.

On the same day, the spot gold price in the international market once fell to US$3,956.09 per ounce, down 1.6%, hitting a four-month low. The price of gold futures for December delivery on the New York Mercantile Exchange fell 1.64% to $3,965.30 an ounce.

UBS analyst Giovanni Staunovo said that rising oil prices have increased inflationary pressures and prompted market expectations that the Federal Reserve will further raise interest rates, which puts pressure on gold prices.

Silver prices in the international market also fell sharply that day. Spot silver prices once fell 4.53%, falling below $50 per ounce for the first time since November 2025.

Data released by the United States on the 29th showed that the inflation rate increased in September. The Federal Reserve and the European Central Bank both kept interest rates unchanged this week, but both said they were wary of inflation risks posed by rising energy prices.

Analysts believe that rising interest rates will increase the opportunity cost of holding non-interest-bearing assets such as gold, thereby making them less attractive to investors.