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Gold fell about 4% for the week, its steepest decline in more than four months, and dropped below US$4,000 an ounce on Friday for the first time since mid-July. It closed near US$3,998.
Two forces combined. Oil climbed back above US$100 a barrel, reviving inflation worries and expectations that US rates will stay higher for longer, with 10-year Treasury yields above 5.1% early in the week. Then on Thursday a sharp sell-off in AI-linked technology shares hit global markets, and investors facing margin calls sold gold and silver to raise cash.
Silver took the harder hit, falling around 7% on Thursday alone to finish near US$54, its lowest level since November 2025.
Analysts largely saw the fall as forced selling rather than a loss of faith in gold. Justin Lin of Global X ETFs described it as a “liquidity-driven selloff”, and still expects a strong rebound. BCA Research's Roukaya Ibrahim called Thursday's move an isolated event tied to cross-asset liquidity pressure, not a fundamental shift.
The broader picture shows how far gold has corrected: it now sits roughly 29% below its January record. Some dealers see value below US$4,000 and below US$50 for silver, while others warn of a test of US$3,900.
The week ahead: the Fed's 27–28 October meeting, where markets expect rates to be held but are watching closely for signals on a December hike.
Sources: CNBC / Reuters · APMEX · BeInCrypto · NAI500 · Kitco survey · Discovery Alert