The Brief · Friday, 30 October 2026

Gold falls 1.14% as US inflation fuels rate-rise expectations

Gold fell to $3,985.50 an ounce, approximately £2,985.75, on 30 October. Headlines linked the decline to US inflation data and increased expectations of interest-rate rises by the US Federal Reserve.

Gold £/oz

£2985.75

Gold $/oz

$3985.50

Change

-1.14%

GBP/USD

1.3348

1. 01Gold was down 1.14% from its previous close. Silver fell more sharply, dropping 2.45% to $50.91 an ounce.
2. 02Reports highlighted US personal consumption expenditures (PCE) inflation data as a driver of renewed rate-rise expectations. Higher interest rates can make assets paying interest more attractive relative to gold, which pays no income.
3. 03Higher oil prices also featured in reports explaining gold’s fall, alongside inflation concerns. The supplied headlines do not include the underlying inflation figures or the size of the oil-price move, limiting a fuller assessment.
4. 04The supplied sterling gold price was approximately £2,985.75 an ounce, with GBP/USD at 1.3348. No previous exchange rate was provided, so sterling’s contribution to the daily move cannot be separated out.