October 31 Gold Weekly Review

Author: Thomas | Gold Weekly Review | October 31, 2026

Today is Saturday, and major over-the-counter gold trading sessions are closed. The morning report shifts to reviewing the last trading day of the week and what information to check when the market reopens next week. Over the weekend, one should not present the last quote snapshot as a live price still trading, and even less should one assert the direction after the whole week based on a single-day decline.

Quotes Around Friday's Close

On the Kitco spot gold page at 20:57 EDT on October 30, which is 08:57 Beijing time on October 31, the bid was USD 3,874.40 per ounce and the ask was USD 3,876.40; this was down USD 146.10, or about 3.63%, from the previous benchmark used on that page, and the listed intraday range was USD 3,869.30 to USD 4,027.30. This is a quote snapshot provided by Kitco, not the actual execution price of XAUUSD at EBC or any other broker, nor is it the official closing price unified across all markets. Over the weekend, the page may continue to display the last quote, but that does not mean the market still has normal liquidity.

At 21:02 Beijing time on Friday, the bid from the same source had been USD 3,948.50. Compared with the later snapshot seen this morning, that is another USD 74.10 lower. Every step in between the two samples was not verified tick by tick here, so it can only be said that the later snapshot was lower; it cannot be written that the price fell in a straight line the whole time. The page low of USD 3,869.30 is not far from the last snapshot and can be used as a historical low area to watch next week; it is not a guaranteed effective support.

How to Understand This Week's Data

The U.S. Bureau of Economic Analysis announced on October 29 that the advance estimate of third-quarter real GDP grew at an annualized rate of 3.4%, compared with 2.2% in the second quarter; the September PCE price index rose 3.6% year over year, and core PCE excluding food and energy rose 3.1% year over year. These figures are published facts, but the advance GDP estimate may still be revised. The U.S. Bureau of Labor Statistics announced on October 30 that third-quarter total compensation costs for private industry employees rose 0.8% quarter over quarter and 3.4% year over year; the previous quarter was up 0.9% quarter over quarter. This shows that compensation costs are still rising, but a single indicator is not enough to explain all of gold's fluctuations.

Growth, inflation, and compensation data may affect market expectations for the interest rate path, which in turn changes the backdrop for the dollar and U.S. Treasury yields. But gold also has safe-haven demand, position adjustments, and liquidity factors. If one sees only the decline in gold prices and then infers that a certain data point "must be bearish," it is easy to overlook prior expectations and reactions in different time periods after the data release. This week's review should put official release times, changes in the dollar and yields, and gold price moves from the same quote source on the same timeline.

Three Questions to Watch Next Week

First, after next week's open, is the price still near Friday's last quote, or is there a clear gap? Opening quotes, spreads, and executable volume on trading platforms may differ from Friday, so one cannot directly use the old price to place orders. Second, if the price retests around USD 3,869.30, watch whether there is a sustained break below; if it quickly recovers, the meaning of that low being breached needs to be reassessed. Third, if gold rebounds, observe whether it can gradually recover the decline from the latter part of Friday, or only fluctuate briefly at low levels. The numbers here come from Kitco historical snapshots; switching platforms requires redrawing the range.

The Bureau of Labor Statistics schedule lists that the September Job Openings and Labor Turnover Survey is planned for release at 10:00 EDT on November 3. U.S. daylight saving time ends in early November, so Beijing time should be rechecked according to the new time difference at that time; do not continue using this week's conversion. There are other data and policy news next week that need to be verified again closer to the time. Over the weekend, normal trading cannot be used to validate judgments, so position management and gap risk should come before forecasts. This article is for review and learning only and does not constitute trading advice; leverage may amplify losses.