Gold Dives 3.5% as US Tech Selloff and Fed Rate Odds Pressure Prices
Gold hit US$3,993/oz (RM520/gram) on Friday, down from RM532 on Thursday, with a forecast to test the RM508 level.
What happened1/5 Intel results triggered a US stock selloff that dragged gold down 3.5%
Gold (XAUUSD) fell 3.5% on 30 October 2026 as traders sold precious metals to cover losses in US equity markets. The stock selloff was triggered by disappointing results from Intel, which reported that AI-driven price increases in laptops and desktops hurt sales.
Traders forced to raise cash amid the equity drop created selling pressure across gold, silver and platinum. The exact trigger for the broader market move has not been confirmed beyond Intel's report.
The real numbers2/5 From RM532 to a forecast of RM508 per gram
3.5%gold drop on 30 OctRM507.88forecast price per gram74.9%market odds of a Dec Fed hikeUiTM economist Dr. Mohamad Idham Md. Razak told Utusan Malaysia that gold is forecast to test US$3,900/oz, or RM507.88 per gram. Gold closed late Friday at US$3,993.40/oz (RM520.54/gram), down from US$4,059.60/oz (RM532.07/gram) on Thursday. Gold is heading for a second consecutive monthly decline.
Thursday Friday (late) Forecast USD/oz $4,059.60 $3,993.40 $3,900 RM/gram RM532.07 RM520.54 RM507.88 
Photo: Photo: Smiths (maker) / BY-NC-SA 4.0 Why it matters3/5 Two forces pushed gold down: tech liquidation and stubborn US inflation
The first force was mechanical. Traders selling US stocks after Intel's results had to liquidate gold positions to raise cash. The second was the data. US September PCE inflation rose to 3.6% year-on-year, up from 3.4% in August. Core PCE, which strips out food and energy, hit 3.1% from 3.0%.
That data strengthened expectations the Fed will raise rates in December. Market pricing put the odds at about 74.9%. Two Fed officials voted to support a hike at the 28 October meeting, where the Fed held rates at 3.75%-4.00%. Gold pays no interest, so higher rate expectations make it less attractive.
How it affects your wallet4/5 What the RM/gram shift means at the kedai emas
The move from RM532.07 to RM520.54 per gram between Thursday and Friday is about RM11.50 less per gram. The forecast level of RM507.88 would be roughly RM24 below Thursday's price.
e.g. On a 10-gram gold bar, the gap between Thursday and the forecast level is about RM242. But kedai emas prices include making charges and a premium above the spot rate, so your actual buying or selling price will differ. Check the shop's own daily rate before deciding.
- 01/02
3.5% gold drop on 30 Oct From RM532 to a forecast of RM508 per gram gold drop on 30 Oct
What to watch5/5 Next support levels and the Fed's December meeting
Gold is testing support at US$3,890-$3,910/oz. If that breaks, the next support sits at US$3,780-$3,800, according to Fxempire. Dr. Mohamad Idham flagged US$3,980 as the immediate technical floor, with US$3,942.50 the next risk level.
The key date is the Fed's December meeting. Any softening in US inflation could shift rate expectations and open room for a gold rebound. Silver fell 2.1% to US$51.27/oz and platinum dropped 1.9% to US$1,458.85/oz per Utusan. BNM kept the OPR at 2.75% on 3 September, its seventh unchanged decision in a row.
- 02/02
RM507.88 forecast price per gram From RM532 to a forecast of RM508 per gram forecast price per gram
Questions people ask
Does the RM500/gram forecast mean gold will drop BY RM500?
No. The forecast is for gold to fall TO around RM508 per gram, a level near RM500. The actual drop from Thursday's RM532 is about RM24 per gram, not RM500.
Will a Fed rate hike in December change my local gold price?
It can. Higher US rates typically pressure gold globally, which feeds into the daily RM/gram rate set by Malaysian dealers. The exact impact depends on the ringgit-to-USD rate on the day.
Is BNM's OPR linked to gold prices?
Not directly. BNM's OPR affects local loan rates and savings returns. Gold is priced in US dollars on global markets. A stronger ringgit would make gold cheaper in RM terms, but that is a currency effect, not an OPR effect.
Source: Utusan MalaysiaThe StarFxempire
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