Gold price today: Gold rate suffers biggest weekly loss since June, Silver price lowest since November 2025. Check what to expect in November, December

Gold price is headed for its steepest weekly loss since June as the bullion has lost 3.5 per cent so far this week, the second consecutive weekly loss. This comes as rising oil prices fuelled higher-for-longer Federal Reserve rate expectations and pressured the non-yielding precious metal. US gold futures for December delivery fell 0.5 per cent to $4,040.70 per ounce. Spot gold was at $4,026.15 per ounce after earlier dropping to $3,986.50, its lowest level since July 20.

Spot silver slid 1.2 per cent to $53.8882 per ounce, and palladium dropped 0.3 per cent to $1,051.06, hitting their lowest since November 2025 and June 2025 respectively. Spot platinum fell 0.8 per cent to $1,557.03 per ounce, its lowest since July. All three metals were headed for weekly declines.

Gold Rate Predictions


"The rise in oil prices could result in real interest rates remaining higher for longer, which would reduce the relative attractiveness of investing in and holding gold," Hamad Hussain, climate and commodities economist at Capital Economics, said.

Brent crude touched a more than five-month high on Friday, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies. Rising oil prices can stoke inflation, prompting investors to scale back Fed rate-cut bets.

Market expectations of a rate hike at the Fed's Oct 27–28 meeting are at 9 per cent, while it is 81 per cent for December, according to CME's FedWatch Tool.

Investors are also awaiting US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, on October 29 for fresh clues on progress toward its 2 per cent target.

The European Central Bank meets on Thursday against a backdrop of upheaval in France and an Iran war that is keeping energy prices above $100, meaning inflation risks remain elevated.

In China, bullion traded at premiums of $9 to $10 an ounce to the global benchmark price. The country's jewellery market remains weak due to low consumer confidence, which is weighing on jewellery demand, particularly among younger customers, said Rhona O'Connell, head of market analysis at Stone X.

China's gold jewellery demand has remained under pressure so far in 2026, recording its weakest first-half demand in tonnage terms since 2006, according to a recent World Gold Council report.

In Singapore , gold was sold between a $1 discount to a $2 premium this week, while it traded from a $0.5 discount to a $2.50 premium in Hong Kong. In Japan , gold was sold between a $0.15 discount and a $0.50 premium.