As of: 31.10.2026, 00:00 (Zurich time). Gold and silver prices are spot prices from Friday evening; franc figures are our own conversion using ECB reference rates and are approximate.
The short version
Gold fell 3.5% on Friday to about USD 3,880 an ounce, its lowest level since 6 October 2025, Kitco News reported. That leaves it roughly 31% below its record of USD 5,589.38, set on 28 January this year, according to CBS News (our calculation).
For anyone who counts in francs, October was worse. The franc gained against the dollar during the month, so the same ounce lost more value in Swiss money than in US dollars. By our calculation gold is down about 8.4% in francs since the end of September, against about 7.2% in dollars.
Why gold is falling in a war
That is the puzzle traders are wrestling with. Gold is supposed to shine in a crisis, and the US-Israeli war on Iran is far from over. But the war works against gold through oil. Brent crude rose 2.7% on Friday to USD 113.7 a barrel, after topping USD 117 earlier in the week, the highest since July, Anadolu Agency reported.
Expensive oil means higher inflation, and higher inflation keeps central banks hawkish. The US Federal Reserve held rates on Wednesday, but markets still expect it to raise them in December, Reuters reported, after US growth came in stronger than expected and inflation picked up in September. Gold pays no interest, so it becomes less attractive when rates on cash and bonds rise.
A second force was selling for cash. Analysts quoted by Kitco said that when tech shares sold off, some investors sold gold to cover losses elsewhere, because it is easy to sell. Silver fell even harder: about 6% on Friday to roughly USD 49 an ounce, and 31.1% lower than a year ago, according to Anadolu.
Friday's sell-off in four numbers. Sources: Kitco News, Anadolu Agency, CBS News (record), The Franc calculation
The number behind the news: gold in francs
The Swiss National Bank publishes the gold price it uses for its books. At the end of September a kilogram was worth CHF 112,118; at the end of 2025 it was CHF 110,919, the SNB said in its interim results on Friday.
Converting Friday's spot price with the ECB's reference rates (one dollar at about CHF 0.823, down from CHF 0.8342 at the end of September) gives roughly CHF 102,700 per kilogram, or about CHF 3,190 an ounce. That is about 8.4% less than at the end of September and about 7.4% less than at the end of 2025. In other words, in francs, gold has given back its entire gain for the year, and more.
Gold per kilogram in francs. Sources: SNB interim results 30.10.2026; 30 October: Kitco spot price converted at ECB reference rates, The Franc calculation
What it means for the SNB
The SNB holds 1,040 tonnes of gold, unchanged since the end of 2008, about 70% of it stored in Switzerland. It values that gold at market prices, so every move shows up in its results.
At the end-September price, the holdings were worth about CHF 117bn. At Friday's level they would be worth about CHF 107bn, roughly CHF 9.8bn less on paper (our calculation). That is more than the CHF 7.6bn the SNB gained on gold in the third quarter alone, and it would turn the nine-month gold gain of CHF 1.2bn into a loss for the year so far.
Two caveats. The SNB only books values at quarter-end and year-end, so nothing is final until 31 December. And the strong franc also cuts the franc value of its foreign currency reserves. The CHF 44.2bn profit reported for the first nine months is a snapshot, not a result, as we explained on Friday. Whether the Confederation and the cantons get their payout depends on the year-end figure.
What it means for people holding francs
Bars and coins: a 100-gram bar was worth about CHF 11,212 at the SNB's end-September price and about CHF 10,266 at Friday's spot price, roughly CHF 946 less. Dealers' buying prices are lower than spot, and small coins carry higher premiums.
Two effects, not one: for a Swiss holder, gold is a bet on the metal and on the dollar at the same time. In October both went the wrong way.
The franc was the safe haven: while gold fell, the franc had its best month against the euro since 2023. This time, money looking for safety went into the franc rather than gold; analysts quoted by Kitco said oil and the dollar have taken gold's usual role.
Ticino feels it too: Switzerland refines roughly a third of the world's newly mined gold, and three of its big refineries, Valcambi, PAMP and Argor-Heraeus, sit in the Mendrisiotto, according to swissinfo.ch. They largely work as service providers, refining customers' metal, and Switzerland imported gold worth CHF 91bn in 2023, swissinfo.ch reported, citing customs data.
What October's gold slide means in francs. Sources: SNB, Kitco, ECB reference rates, The Franc calculation (spot prices, excluding dealer premiums)
What to watch next
Oil and the Strait of Hormuz. Anything that eases the energy squeeze would take pressure off inflation and, with it, off gold.
The US midterm elections on Tuesday, 3 November, and US jobs data on Friday, 6 November, both flagged by Kitco as the next tests for rate expectations.
USD/CHF. A weaker dollar deepens gold's losses for Swiss holders; a stronger one cushions them.
The SNB's full-year result, due in early 2027, when the gold valuation becomes final.
More background: Gold in francs, in 3 minutes.
Kitco News: Gold prices plunge to one-year low below $3,900 as higher oil prices fuel fears of more pain ahead, 30.10.2026 · Reuters via Kitco: Gold hits 3-1/2-month low on Fed hike fears, set for monthly loss, 30.10.2026 · Anadolu Agency: Gold falls 13-month low as energy prices remain high, 30.10.2026 · Swiss National Bank: Interim results as at 30 September 2026, 30.10.2026 · Swiss National Bank: Questions and answers on the SNB's balance sheet, 31.10.2026 · European Central Bank: Euro reference rates USD and CHF, 30.10.2026 · CBS News: What is the highest gold price in history?, 24.02.2026 · swissinfo.ch: US tariff negotiations reaffirm Switzerland's role as a gold hub, 17.11.2025
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