Microsoft announced today that it will be raising the annual fee of Xbox Live Gold starting November 1, going from $49.99 a year to $59.99.

Since launching Xbox LIVE in 2002 we have continually added more content and entertainment experiences for our members, while keeping the price the same. We’re confident that when the new pricing takes effect, an Xbox LIVE Gold membership will continue to offer the best value in the industry.

I'd point out that multiplayer gaming on the PC--and Xbox Live gaming on Windows Phone, for whatever that's worth--is (almost always) free. Just a thought.

But, if you renew before November 1, you can save big: The temporary cost right now is just $39.99.

Take advantage of limited-time savings. Act now to save on Xbox LIVE gold before the price goes up. Upgrade or renew today and save more than 30% off the new price.

12 Month Gold membership starting November 1, 2010: $59.99
Lock in a low one-year price now: $39.99
You save: $20.00

This holiday, Xbox LIVE Gold is adding exciting new features, including streaming sports from ESPN and revolutionary new ways to connect with family and friends with Video Kinect.

Also: Find out when your Xbox Live subscription expires.