Silver extended its slide on Friday, falling more than 5% and breaking below $50 an ounce for the first time since November 2025. Gold also dropped below $4,000.
By our market data, as of 14:22 GMT on 31 October 2026, silver was at $49.12 an ounce, its lowest in 31 days, and gold at $3,876.73. Speculators still held a net long position in gold of 186,451 contracts in the CFTC report of 27 October, though that was down by 13,414 contracts over the week.
Pressure from war and rates
Precious metals have faced heavy selling since the Middle East war erupted in late February. The conflict pushed oil prices higher and pressured central banks to raise rates.
The Federal Reserve left its policy rate unchanged at 3.75%-4.00% on Wednesday. Traders now expect another hike in December.
Technical damage and liquidation risk
Silver trades nearly 60% below its January all-time high of $121. Its 50-day and 100-day moving averages sit near $61, and the next support level is seen at $45.
A technology stock sell-off over heavy AI spending may be forcing liquidation across portfolios, while a firmer US dollar adds further pressure.
Related: Brent slips below $110 as US-Iran hostilities may ease · Gold slips to lowest in 31 days as oil lifts rate fears
Source: Federal Reserve | Data: Swissquote · CFTC
