Gold prices slid below the $4,000-per-ounce mark on Friday, October 30, with both spot and futures contracts losing ground, according to 新华网客户端.
Spot gold at one point fell to $3,956.09 an ounce, a decline of 1.6% and its weakest level in four months. On the New York Commodity Exchange, gold futures for December delivery dropped as much as 1.64% to $3,965.30 an ounce.
新华网客户端 attributed the selloff to three factors: higher international crude oil prices, mounting inflation pressure in the United States, and growing market expectations that the Federal Reserve will raise interest rates further.
The move was part of a broader shift in commodities. 凤凰网财经 reported sharp falls in both gold and silver alongside gains in crude oil, while 中国经济网 noted that oil, gold and silver prices all moved lower. A 光大期货 commentary carried by 新浪网 said macroeconomic data had come in above expectations, and that rate-hike expectations were weighing on gold.
The scale of the drop drew attention beyond trading desks. 中华网 reported on a man who bought a necklace for his girlfriend despite the decline, saying he could not wait in case prices fell further.
With gold now trading under the $4,000 threshold, investors will be watching upcoming US inflation data and Federal Reserve signals for direction.
