On Friday, COMEX gold futures slipped 0.35% to $4,017.30 an ounce, while silver futures fell 1.61% to $51.54, reflecting a broader sell‑off in non‑yielding assets.
The dip follows a spike in crude oil, which closed 1.5% higher at $88.30 a barrel as fears of renewed West‑Asia tensions loom, feeding inflation anxieties that could keep the Fed’s policy rate anchored near 5.25‑5.50%.
Gold’s rally streak—26% in 2024 and 64% in 2025—reached a peak of $5,595 in January 2026 before correcting roughly 28% to the current level, underscoring the commodity’s volatility in a tightening monetary environment.
Arun Patel, Founder of Arunassets Investment Services, argues the present pullback is a buying opportunity for long‑term holders. He cites central‑bank purchases of 863 tonnes in 2025 and 289 tonnes in Q2 2026 as evidence of sustained demand.
Market consensus points to a short‑term consolidation of 3–6 months before a potential upside. Key gold miners are due to report Q4 earnings in November, which could confirm whether the market’s patience has run out.