Gold price prediction: Gold rate closes October on 1-year low, what to expect in November, December?

Gold price dropped to a one-year low on Friday and silver slid below $50 an ounce for the first time since November 2025. Spot gold fell 3.63 per cent to $3,874.58 an ounce and spot silver fell 6.36 per cent to $49.06 an ounce.

Gold prices hit a one-year low on Friday while silver, platinum and palladium slid deep into technically oversold territory, as tech shares slumped amid worries that AI spending may not deliver sufficient returns. There are higher energy prices and persistent inflation concerns strengthened expectations that US interest rates will stay high.

Spot gold fell 3.5 per cent to $3,880.97 an ounce — its lowest level since October 2025 — while silver dropped 6.5 per cent to $49, breaking below $50 for the first time in 11 months, and palladium slid below $1,000. Platinum was last down 4.2 per cent at $1,425.02, while palladium lost 3 per cent to $976.08 under pressure from worries about auto sector demand, Reuters reported.


Gold Rate Prediction in November, December

US gold futures for December delivery settled 3.3 per cent lower at $3,898.90 per ounce.

"The sky is falling," said independent metals trader Tai Wong. "Metals will not be able to escape the gravity well of a nasty stock correction. Earnings have been the foundation of the AI rally and now that pillar is showing some cracks."

Friday's sharp fall in technology stocks may have led to forced selling of safe-haven assets, such as gold, and margin calls, analysts at Commerzbank said in a note, adding that they expected a recovery in precious metals ahead.

Gold is down 30 per cent since hitting a record high of $5,595 in January due to bets on interest rates staying higher for longer and is currently under pressure from muted demand in Asia. Analysts, however, say central bank demand tends to strengthen whenever gold is below $4,000.

Next Friday's employment report for October will give a critical read into the health of the US economy. Data on Thursday showed the US economy in the third quarter grew at its fastest pace in a year, as consumers maintained robust spending and businesses doubled down on investment in AI. The Federal Reserve this week upgraded its assessment of the economy as it held interest rates steady.

November 3 or Tuesday's elections will determine whether Democrats can wrest control of Congress away from President Donald Trump's Republican party. Democrats are widely predicted to win the House of Representatives, but the Senate is more in doubt. Republicans controlled both chambers of Congress during the first two years of the Trump administration.