Gold news by day
What moved it
The verdicts are the textbook reading of the news, not a forecast. Closing prices are spot gold at about 5pm New York time, from our price feed, and may differ slightly from other sources.
Trump says US forces have been deployed in areas surrounding Iran
Why: Military deployment around Iran raises the threat to oil supplies from the Gulf. That can push oil prices and inflation up, keeping US rates high, which is bad for gold.
Gold $3,876.40 (Friday's close)
Markets closed, reopen Sun 23:00 UK
🕒 Sat 31 Oct · news 00:21 UK
Oil tanker struck by unknown projectile in Strait of Hormuz, UK maritime office confirms
Why: An attack in the Strait of Hormuz can push oil prices up. That keeps US interest rates high, which is bad for gold.
Gold $3,876.40 (Friday's close)
Markets closed, reopen Sun 23:00 UK
🕒 Sat 31 Oct · news 05:08 UK
Isn't gold meant to be the safe place? Here's what happened.
📉 What fell on Fri 30 Oct
• Intel: down 28.6%, its worst day since 1974
• Reddit: down about 29%
• Chip makers as a group: down 7.2%
• Nvidia: down 4.2%
• Nasdaq: down 2.9%, its worst day since June
• S&P 500: down 1.8%
• Bitcoin: down more than 4%
• Silver: down about 6%
• Gold: down 3.6%, to about $3,876, its lowest in a year
Why stocks fell
Big tech firms are spending huge sums on AI.
Weak results from Intel, Amazon and Reddit made investors worry that spending won't pay off soon.
Why gold fell with them
When shares crash, some investors must raise cash fast to cover their losses.
They sell what is easy to sell, and gold is one of the easiest.
So gold can fall in the first rush, even on a scary day.
Oil made it worse. Tanker attacks near the Strait of Hormuz pushed Brent oil to about $118.
Dearer oil keeps inflation up, which gives the Fed more reason to raise rates. That is bad for gold, because gold pays no interest.
The US economy also grew 3.4% from July to September, faster than the 3.2% expected. Another reason for the Fed to raise rates.
🔑 The lesson
Gold is a safe place over months, not always in the first hours of a crash.
In a rush for cash, people sell almost everything.
Coming up
Tue 3 Nov: US midterm elections
Thu 5 Nov: Bank of England decision
Fri 6 Nov, 13:30 UK / 8:30am New York: US jobs report
🪙 Gold this week
Tankers hit mines near the Strait of Hormuz. Gold still fell.
About $4,000 at the start of the week.
About $3,875 on Fri 30 Oct, its lowest in over a year.
The high was about $4,070, on Wed 28 Oct.
📰 The big moves
• 🔴 Bearish: oil hit about $118 on Fri 30 Oct, its highest since April. Dearer oil keeps US rates high
• ⚪ Neutral: the Fed kept rates the same, as expected. Two voters wanted a rise
• 🔴 Bearish: US growth beat forecasts. That gives the Fed more reason to raise rates
• 🟢 Bullish: on Tue 27 Oct oil fell on Iran talks. Gold rose about 1%
🧭 How gold reacted
🔥 = how big the news was
• Tue US shopper mood (consumer confidence): 91.7 vs 81 🔥🔥 🔴 bearish → gold rose, textbook did not hold
• Wed Fed rate meeting 🔥🔥🔥 ⚪ neutral → gold swung about $30, then closed higher
• Thu US growth (GDP): 3.4% vs 3.2% 🔥🔥🔥 🔴 bearish → gold barely moved
• Thu Fed's favourite inflation measure (core PCE): 3.1%, as expected 🔥🔥🔥 ⚪ neutral → barely moved
• Fri Japan's central bank kept rates the same 🔥🔥 ⚪ neutral → gold dipped about $10, then recovered
💡 Lesson of the week
Fear usually helps gold. Not when it comes through oil.
Dearer oil can push prices up. That gives the Fed more reason to raise rates, which is bad for gold.
On Fri 30 Oct US tech shares slid too. Some investors sold gold to raise cash.
Iran's Supreme Leader orders immediate response to any enemy threat without geographic limits
Why: Iran threatening open-ended strikes can push oil prices up. That keeps US interest rates high, which is bad for gold.
Gold $3,876.40 (Friday's close)
Markets closed, reopen Sun 23:00 UK
🕒 Sat 31 Oct · news 10:31 UK
Iran's supreme leader orders military to update target list to include all US and Israeli assets in range
Why: Iran threatening strikes on regional assets raises oil supply risk. That keeps US interest rates high, which is bad for gold.
Gold $3,876.40 (Friday's close)
Markets closed, reopen Sun 23:00 UK
🕒 Sat 31 Oct · news 10:38 UK
Iran military threat: 3 headlines in 90 min
🕒 Sat 31 Oct, 10:39 UK
• Iran's Khamenei says combat readiness is necessary for maximum deterrence
• Iran's Supreme Leader orders immediate response to any enemy threat with no geographic limits
• Iran's leader directs armed forces to add all US and Israeli assets in range to target list
💡 What it means: Iran's leader has ordered the military to prepare strikes on US and Israeli targets anywhere, raising the threat of attacks on Gulf oil supply. That can keep US interest rates high, which is bad for gold.
🔴 3 of 3 headlines · Gold $3,876.40 (Friday's close)
Markets closed, reopen Sun 23:00 UK
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