GLD is trading at $355.17, down 3.55%, as stronger-than-expected U.S. GDP and accelerating September PCE inflation bolstered expectations of a December Fed rate hike.
- Rising oil prices added to inflation concerns, while higher rates increase the opportunity cost of holding non-yielding gold.
- Despite renewed Middle East tensions, Reuters reported gold hit a 3½-month low on October 30; no trading-volume figure was provided.