Quick Read
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GLD hit its lowest close since mid-August as gold fell nearly 3%, with bonds absorbing the flight-to-quality demand that bullion failed to capture.
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SLV dropped nearly 6% and silver is down 10% in October against gold's 3% monthly loss, reflecting harder pressure on industrial metal demand.
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Newmont beat Q3 adjusted EPS estimates and generated $1.9 billion in free cash flow, yet NEM shares still fell nearly 3% as spot gold slid toward $4,000.
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On Thursday, October 22, 2026, stocks sold off, and Treasuries rallied, yet gold fell. Spot gold dropped 2.4% to $4,041.39 an ounce, its lowest level since August 3. December futures settled 2.2% lower at $4,060.40.
By late U.S. trading, spot gold was near $4,021.20, down $119.10 or 2.88%, after an intraday low of $4,020.95. That puts the metal close to $4,000 but still above it.
SPDR Gold Shares( NYSEARCA:GLD ) fell 2.63% to $369.00, its lowest close since at least mid-August. That is about 14% below its $428.07 close on August 25. iShares Silver Trust( NYSEARCA:SLV ) fell 5.59% to $49.34.
Gold is supposed to hold up when markets panic, but on this day bonds did that job instead, and even a strong quarterly report from the largest gold miner could not stop the selling.
Why Gold Lost Its Haven Bid on October 22
Brent rose 4% to settle at $113.17 after Houthi attacks in Saudi Arabia. The jump revived inflation fears that hotter-than-expected U.S. consumer and producer price reports had already raised.
By noon, traders priced in about 86% odds of a December Fed hike. Goldman Sachs( NYSE:GS ) expects one more 25 basis point increase in December, taking the fed funds rate to a peak range of 4.00% to 4.25%.
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Gold pays no yield. When markets expect higher policy rates and the dollar holds firm, the opportunity cost of holding gold rises. Hamad Hussain of Capital Economics said hawkish FOMC communications "could weigh on gold prices."
Bonds Did the Job Gold Could Not
The 10-year Treasury yield fell 19.3 basis points to 4.953% as investors sold off AI stocks and the Nasdaq dropped 2.6%. The yen strengthened 0.75% to 156.96 per dollar.
"The flight-to-quality trade is winning in the Treasury space," said Thomas Urano of Sage Advisory. Bonds rallied because investors feared slower growth. Gold fell because they feared inflation and higher rates. With the dollar "comparatively firm," the tech selloff never turned into lasting demand for bullion.
Spot silver dropped 5.90% to about $54.44. Platinum fell 3.7% to $1,570.85, and palladium lost 2.7% to $1,057.83.
Silver is down 10% for October so far, against 3.3% for gold. It swings more than gold and depends more on industrial demand, which weakens when investors worry about growth.
Newmont Beat Estimates, and the Stock Fell Anyway
Newmont( NYSE:NEM ) reported third-quarter sales of $6.363 billion and adjusted EPS of $2.20, ahead of the about $2.05 analysts expected. GAAP EPS came in at $2.35. The company produced 1.302 million ounces at all-in sustaining costs (AISC, the full cost of keeping mines running) of $1,454 an ounce. It also generated $1.912 billion of free cash flow.
Newmont repeated its 2026 production guidance of 5.26 million ounces, improved its AISC guidance to $1,520, and declared a $0.26 dividend payable December 21. Chief Executive Natascha Viljoen said the company "remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook."
Shares still fell 2.62% to $114.11, leaving a market value of $118.89 billion. Newmont realized $4,317 an ounce in the quarter, which is above where spot gold trades now. If spot remains here, the next realized price faces pressure, and that would land in a quarter where management already expects AISC near $1,900.
What Gold Investors Should Watch Before the Fed Decision
Gold broke below $4,000 on June 24 for the first time since mid-November and bottomed near $3,965. It now stands roughly 28% below the New Year spike near $5,600, and the rate pressure behind this slide is still building.
Soni Kumari of ANZ expects more downside for gold. Prices could fall further because "we are still seeing a lot of uncertainty around the energy market." The FOMC decides on Wednesday, October 28, and PCE inflation data follows on Thursday, October 29.
Newmont offers a different form of gold exposure than the ETF. Its realized price stands far above its costs. It pays a dividend while GLD pays nothing at a time when rates are rising.
If spot gold settles below the June low near $3,965 after the October 28 decision, gold has made a second break. The downtrend has room to run. If gold holds above $4,000 through the October 29 PCE release, the June floor has held, and the bearish case weakens.
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