World gold price increased by more than 100 USD, currently trading at 4,030 USD an ounce.
At the end of the trading session on October 30, the world spot gold price increased by 94 USD to 4,023 USD. In this morning’s session, gold continued to rise, currently reaching 4,030 USD.
The market accelerated after the US Federal Reserve (Fed) cut interest rates. Investors were also cautious about the risk of instability after the meeting between Chinese President Xi Jinping and US President Donald Trump.
Mr. Trump announced that he would reduce the fentanyl-related import tariffs by 10% for China. In return, Beijing would resume purchases of American soybeans, export rare earths to the country, and curb the flow of fentanyl.
“Gold prices had been a little bit down, but when the details of the US-China deal were announced, people realized it was a small deal. The market was not optimistic that the trade tensions were over,” explained Jeffrey Christian, an analyst at CPM Group.
World gold prices increased again in the session of October 30. Chart: Kitco
Meanwhile, although the Fed cut interest rates as expected by the market, the agency signaled that this could be the last cut of the year. The government shutdown also affected the information they had to make decisions.
Gold prices have risen more than 50% since the start of the year. Gold is a popular investment during times of low interest rates and economic and political uncertainty.
Wells Fargo Investment Institute has raised its 2026 end-of-year price forecast to $4,500-$4,700, up $600 from its previous forecast. The reason is trade policy and geopolitical uncertainty. “We believe these factors will continue to support both private and public demand for gold, thereby driving prices higher,” the report said.
In addition to gold, other precious metals also increased in price in the session on October 30. Silver increased 2.7% to 48.8 USD per ounce. Platinum increased 1.2% to 1,604 USD and palladium increased 3.4%, closing the session at 1,447 USD.
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