Gold Crashes Below $3,900 to a One-Year Low as Tech Rout Forces Selling
Spot gold crashed about 3.5% on Friday, October 30, to about $3,880–$3,890 an ounce, touching an intraday low of about $3,891 — its lowest level since October 2025, according to Kitco, citing Reuters and TradingView data. The drop extends yesterday's slide below $4,000 and leaves gold down about 6% in October, its second straight monthly decline.
For Canadians, spot is only part of the price. A weaker or stronger loonie changes what you pay per gram, even on the same spot move. Check the live gold price today in Canada before you compare dealer prices.
Why did the gold price fall today?
The trigger was a sharp selloff in US technology stocks. Investors worried that heavy spending on artificial intelligence may not pay off, and tech shares fell hard. As stocks dropped, investors sold gold to raise cash and meet margin calls — forced selling that pushed bullion down even though gold usually rises in times of turmoil.
Oil added to the pressure. Brent crude climbed above $117 amid tensions around Iran, keeping energy-driven inflation fears alive and supporting the US dollar.
US inflation data pointed the same way. September PCE inflation accelerated to 3.6% year on year, with core PCE at 3.1%. The Federal Reserve held rates at 3.75%–4.00% on October 28, and traders now price about a 70% chance of a December rate hike — down from about 84% right after the Fed meeting, but still high. Gold pays no interest, so high expected rates raise the cost of holding it.
Silver fell harder, down about 6% to about $49 an ounce — below $50 for the first time since November 2025.
Levels to watch
- $4,000: now resistance. Gold needs a daily close back above it to ease the selling pressure.
- $3,891: Friday's intraday low and the one-year low mark.
- $3,800: the next support if $3,891 fails on a closing basis.
- $4,490: the 200-day average, now far above the price — a measure of how far this correction has run.
October's fall of about 6% leaves gold about 28% below its January record close of $5,419.83, set on January 28. These levels matter for Canadian pricing too. Every $10 move in spot gold changes the per-gram price dealers quote in CAD, on top of the exchange-rate effect. Use our gold calculator to value a coin or bar at today's rate before you visit a dealer.
What happens next?
Two US events dominate the coming week. Midterm elections take place on Tuesday, November 3, and the nonfarm payrolls report lands on Friday, November 6. Either can move markets sharply. Beyond that, the Federal Reserve meeting on December 8–9 remains the next big policy catalyst. Until then, expect sharp moves in both directions, and check the live price on the day you trade, not the price from the morning headlines.
Frequently Asked Questions
Why did gold fall when stocks fell?
Gold usually rises in turmoil, but in a sharp selloff investors sell what they can — including gold — to raise cash and cover margin calls on falling stocks. That forced selling is temporary: once it eases, the usual safe-haven demand can return.
Is $3,800 next?
It is the next support traders point to if $3,891 fails on a closing basis. A daily close back above $4,000 would weaken that case. Watch daily closes, not just intraday dips, to judge whether a level has really broken.
Should I buy gold now or wait?
It depends on why you buy. For long-term investment, buying in small parts spreads risk better than one large purchase in a falling market. For jewellery or gifts, a lower rate helps, but wait for calmer prices if your purchase is not urgent. Never decide on one headline alone.