After a brief rebound, international gold prices returned to weakness and once again fell below 4,000 US dollars/ounce. On October 30, London's spot gold fell below 3,970 US dollars/ounce, a cumulative drop of more than 15% from the intraday high on August 25. At the same time, the main domestic Shanghaijin futures contract also continued to weaken, setting the lowest intraday price of 854.72 yuan/gram since 2026. Industry insiders said that the flow of some safe-haven funds to US bonds rather than gold, high oil prices boosting inflation expectations, and the Federal Reserve's monetary policy maintaining an hawkish stance all together form the main pressure on the current gold market. Furthermore, changes in the flow of gold ETF funds have also heightened market concerns about short-term trends. In the short term, gold prices may remain weak and volatile. Whether prices can stabilize in the future still needs to be observed: changes in the geographical situation, international oil prices, US inflation data, and real interest rates.

After a brief rebound, international gold prices returned to weakness and once again fell below 4,000 US dollars/ounce. On October 30, London's spot gold fell below 3,970 US dollars/ounce, a cumulative drop of more than 15% from the intraday high on August 25. At the same time, the main domestic Shanghaijin futures contract also continued to weaken, setting the lowest intraday price of 854.72 yuan/gram since 2026. Industry insiders said that the flow of some safe-haven funds to US bonds rather than gold, high oil prices boosting inflation expectations, and the Federal Reserve's monetary policy maintaining an hawkish stance all together form the main pressure on the current gold market. Furthermore, changes in the flow of gold ETF funds have also heightened market concerns about short-term trends. In the short term, gold prices may remain weak and volatile. Whether prices can stabilize in the future still needs to be observed: changes in the geographical situation, international oil prices, US inflation data, and real interest rates.