Gold and silver prices fell sharply on Friday as inflation concerns from higher energy prices and expectations of a possible interest-rate hike later this year weighed on precious metals. GLD hit a fresh 52-week low and SLV slumped to its lowest level in more than 11 months: spot gold fell 3% to $3,897.17 per ounce, while spot silver dropped over 6% to $49.08, below $50 for the first time since November 2025. According to the CME FedWatch Tool, the odds of a December rate hike stand at 73%, even though the Federal Reserve held rates steady on Wednesday. Veteran trader Peter Brandt said investors who bought silver above $90-$100 per ounce are now selling, calling it 'how the start of bottoms are formed.' Retail sentiment on Stocktwits stayed bullish for GLD and turned extremely bullish for SLV.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: high
| Market | Gold |
|---|---|
| Close on 10/29/2026 | 4,021.63 |
| Change that session | -1.13% |
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/29/2026 | 4,014.37 |
| Change that session | -1.02% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/29/2026 | 4,007.09 |
| Change that session | -1.03% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Silver Has Lost More Than Half Its Value Since January
Spot silver fell 2.29% to $50.95, its lowest since November 2025 and about 58% below its $121.64 record set in January. The sell-off is driven mainly by expectations of Fed rate hikes: the Fed held rates at 3.75% to 4.00% with two members dissenting in favor of an immediate hike, and CME FedWatch puts the chance of a December hike at roughly 75%. Silver pays no yield, so rising rates raise the cost of holding it, and hot data, including 3.6% annual PCE inflation and 3.4% annualized third-quarter GDP growth, reinforce that outlook. Leveraged speculators and an expected 30% drop in solar-panel demand this year, according to JPMorgan, add further pressure. Silver is 25% below its 200-day moving average, but a turnaround would likely require holding $50 and December hike odds dropping well below 75%.
- Big Funds Buy the Dip in Gold, Silver After Sharp Selloff
After a sharp correction in precious metals, SPDR Gold Trust bought 1.7 tonnes of gold on Oct. 28, lifting holdings to about 1,043 tonnes, its second straight day of net buying. iShares Silver Trust (SLV) added about 42 tonnes of silver, bringing its total to 15,542 tonnes. Gold closed around 4,067 USD/ounce after rising for a third straight session, while silver was near 54 USD/ounce. The Fed held rates at 3.75%-4%, with a 10-2 vote; two members wanted a 25 basis point hike. Futures markets priced about an 83% chance of another 25 basis point hike at the Dec. 8-9 meeting, and the article notes higher rates could pressure gold and silver, with Q3 GDP and September PCE data being watched.
- Precious Metals Buffeted By Higher Interest Rates, Deficits and Geopolitics
Precious metal prices have fallen sharply from their end-of-January peak, with gold down more than 20% and silver, platinum and palladium down more than 40% between late January and mid-October. The biggest factor is a shift in expectations from rate cuts to rate hikes, which followed the news of Kevin Warsh's nomination to lead the Federal Reserve; the Warsh Fed ended its easing bias in June, raised rates in September and signaled more could follow. Markets now price multiple rate hikes over the next 12 to 24 months, yet prices remain 24% to 100% above early 2025 levels depending on the metal. The article cites four supporting factors: large budget deficits, inflation above targets in most economies, Middle East war risks, and central-bank gold buying since 2008. The CBO estimates a U.S. budget deficit of 6.6% of GDP for the fiscal year ending September 2027, while the cost of servicing federal debt has risen from 1.2% to 3.4% of GDP.
- Peter Schiff Says Buy Gold Near $4000 As Prices Sink From January High, Warns Of Currency Crisis Worse Than 2008
Gold bull Peter Schiff urges investors to buy gold and silver as metals slide alongside U.S. stocks, arguing this offers a better buying opportunity as inflation picks up again. Gold closed at $3,996, down about 1% on the day and about 29% below its January record of $5,608, while Schiff called silver “a great buy below $54.” He cited September producer prices rising 1.3%, the largest monthly gain in over four years and driven largely by energy, and said economic growth in the first two years of Trump’s second term trailed Biden’s last two. Schiff warned high borrowing costs, with the average 30-year mortgage rate at 7.32%, are setting up a crisis worse than 2008. CME FedWatch futures priced a 68.9% chance of another 25 bps hike in December.
- World gold briefly drops below $4,000
Spot gold fell 0.6% to USD 3,998.49 an ounce on October 23, briefly dropping below USD 4,000 for the first time since mid-July, and was heading for its biggest weekly decline in over 4 months. Rising energy prices, with Brent crude hitting a 5-month high after Houthi attacks on Saudi Arabia, have fueled inflation worries and reinforced expectations that US interest rates will stay high. A tech-stock selloff also forced investors to post more margin, pushing them to sell gold and silver. According to CME's FedWatch tool, markets put a 92% chance on the Fed holding rates at next week's meeting and a 78% chance of a rate hike in December. Silver, palladium and platinum were also on track for weekly losses.
- Gold Fund Gains 0.34% as Silver Fund Rises 0.27% | Gold & Silver, Oct 21
The gold fund GLD rose 0.34% to US$378.90 and the silver fund SLV gained 0.27% to US$52.26 on Wednesday 21 October, while the gold-miners fund GDX rose 0.72%. A dealer report from USAGOLD put spot gold near US$4,120 an ounce and spot silver near US$57.30, down about 1%, so the fund and spot readings for silver moved in different directions. The article could not confirm an official spot price or a single trigger for the day's move. Traders are weighing further US interest-rate rises ahead of the Federal Reserve meeting on 27–28 October. Polymarket bets gave 69.0% to two Fed rate rises in 2026, on US$1.13 million traded; the article stresses these are bets, not forecasts.
Related markets
Latest news
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The gold-silver ratio, the number of silver ounces needed to buy one ounce of gold, has reached 80 with gold at $3,919 and silver at $49 per ounce. The 80-50 rule of thumb calls 50–80 neutral, but its results have been mixed: the ratio fell to 46 on Jan. 29, 2026, its lowest since 2011, and silver bought at $49 last October would have more than doubled, beating gold's roughly 40% gain, though investors who later switched back to gold lost ground. The article notes that silver's dual role as a precious and industrial metal, with about 74% of output a byproduct of other mining, leaves it exposed to rising rates, the Iran war and inflation. It cites a silver deficit forecast to widen from 40.3 million ounces in 2025 to 46.3 million ounces in 2026. Even with silver cheaper on this measure, the author says the ratio does not necessarily signal the best time to invest.
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