Gold Falls 1.3% to US$4,010 as Silver Drops 3.5% | Gold & Silver, Oct 29
Key Facts
- Spot gold fell about 1.3% to roughly US$4,010 an ounce on Thursday, October 29, while spot silver dropped about 3.5% to roughly US$52.
- The gold fund GLD lost 1.32% to US$368.57 and the silver fund SLV fell 3.63% to US$47.28.
- Gold miners fell harder than the metal: the GDX fund of miners dropped 3.12%, and Agnico Eagle, Hecla and Newmont, three large gold and silver miners, lost 3.93%, 3.15% and 1.86%.
- US growth beat forecasts: the economy grew 3.4% at an annual rate in the third quarter, against a 3.2% forecast, yet the dollar index slipped 0.33% to 101.85.
- Prediction markets: Polymarket, a prediction market, puts 11.3% on silver falling to US$50 and 12.5% on touching US$54 at some point in October, as of 29 October 2026, 8:45 pm ET.
Today’s Focus
Precious metals had their worst day of the week on Thursday. Spot gold ended near US$4,010 an ounce, down about 1.3%, and spot silver fell about 3.5% to roughly US$52.
Mining shares fell more than the metals. The GDX fund of gold miners lost 3.12%, and Agnico Eagle, a large Canadian producer, dropped 3.93%.
The fall came even though the dollar eased and US Treasury yields fell, which normally helps gold.
What matters today. Gold usually rises when the dollar and yields fall, so a drop on a day when both eased suggests investors were selling to raise cash, not reacting to rates.
01 The session in one read
Spot gold ended Thursday near US$4,010 an ounce, down about 1.3% from about US$4,055 on Wednesday. Silver lost about 3.5% to roughly US$52.
In New York, the gold fund GLD fell 1.32% to US$368.57 and the silver fund SLV 3.63% to US$47.28.
Wall Street also sold off. The S&P 500 lost 0.30% and the Nasdaq 1.38%, so metals did not act as a refuge on the day.
The dollar index fell 0.33% and the 10-year Treasury yield eased to 4.94% from 5.02%, yet gold and silver still dropped. We could not confirm the cause. A common reading is that investors sold winners as stocks fell, but that is an interpretation, not a fact.
The variable to watch is whether gold holds US$4,000, a level traders watch closely.
02 The board
The table shows the New York closes of the funds. Spot prices are per troy ounce and are approximate, because our market feed’s spot series ended on Wednesday; we cross-checked them against futures and the funds.
Miners fell further than the metal: Agnico Eagle −3.93% to US$175.92, Hecla −3.15% to US$14.45, Newmont −1.86% to US$111.80 and Barrick −1.26% to US$38.55.
| Asset | Level | Change |
|---|---|---|
| Gold fund (GLD) | US$368.57 | −1.32% |
| Silver fund (SLV) | US$47.28 | −3.63% |
| Gold miners (GDX) | US$81.33 | −3.12% |
| Newmont | US$111.80 | −1.86% |
| Agnico Eagle | US$175.92 | −3.93% |
| Hecla | US$14.45 | −3.15% |
| Barrick | US$38.55 | −1.26% |
Source: RT close, 2026-10-29. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 169,186.42 | -1.06% | +19.56% | 171,006.10 | 178,526 | 175,157 | — |
| IPSA | 10,545.23 | -1.24% | — | 10,677.94 | 10,722 | 10,633 | — |
| IPC MEX | 69,441.29 | +0.37% | +12.74% | 69,182.39 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,489.93 | -0.63% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
03 What moved it
The Bureau of Economic Analysis (BEA), the US statistics agency, said US growth was 3.4% at an annual rate in the third quarter, against 3.2% expected in the RT economic calendar and 2.2% in the second quarter. Firm growth can support the case for higher US rates, which weighs on gold.
The Federal Reserve, the US central bank, held its target range at 3¾% to 4% on Wednesday in a 10 to 2 vote, with two members preferring a quarter-point rise.
04 The Latin American read
Latin America matters for precious metals through Peru, Mexico and Brazil, all large gold or silver producers. Peru’s Buenaventura, a gold and silver miner, fell 3.57% in New York.
Mexico’s Grupo México, which also produces silver, fell about 0.7% in Mexico City.
05 The names to watch
Silver is more volatile than gold because it also serves industry, so its 3.5% drop was more than twice gold’s. Mining shares are more volatile still.
For investors who want exposure without the metal itself, GLD and SLV track the price, while GDX holds miners.
06 The outlook
Gold is trading just above US$4,000. A close below it could prompt more selling, while a recovery above Wednesday’s roughly US$4,055 would calm the market.
US rate expectations and the dollar will keep driving the metal.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that silver falls to US$50 at some point in October at 11.3% and the chance it touches US$54 at 12.5%. About US$298,000 has been traded across the silver markets for October, as of 29 October 2026, 8:45 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- US dollar and yields: A rebound in either would add pressure on gold and silver.
- US$4,000 for gold: A close below it would test the market’s nerve.
- Fed signals: Two Fed members wanted a rate rise on Wednesday; any more hawkish talk weighs on metals.
- Peru and Mexico miners: Their shares often move more than the metal.
Frequently Asked Questions
Why did gold fall on Thursday?
Spot gold fell about 1.3% to roughly US$4,010. We could not confirm a single cause, because the dollar and Treasury yields both eased.
How much did silver fall?
Spot silver fell about 3.5% to roughly US$52, and the SLV fund lost 3.63%.
Which gold miners fell the most?
Agnico Eagle fell 3.93%, Hecla 3.15%, Newmont 1.86% and Barrick 1.26%.
What did the US economy do?
It grew 3.4% at an annual rate in the third quarter, above the 3.2% forecast.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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