Gold fell 2.7% to $3,910.53 an ounce, its lowest since October 2025, while silver dropped 5.8% to $49.34. Inflation concerns and higher energy prices strengthened expectations that US interest rates will stay elevated.
Spot gold fell 2.7% to $3,910.53 an ounce by 10:05 a.m. ET, its lowest since October 2025. Gold was on track for a second straight monthly decline, down 5.9% so far in October. Silver fell 5.8% to $49.34 an ounce, its lowest since November 2025.
A metals strategist said persistent inflation concerns were keeping central banks hawkish, and that the higher-for-longer rate outlook was weighing on precious metals. The Federal Reserve and European Central Bank held rates this week but pointed to inflation risks from surging energy costs. US inflation accelerated in September as consumers paid more for gasoline and other goods.
Analysts at Commerzbank said a sharp fall in technology stocks may have prompted forced selling and margin calls, while describing the precious-metals decline as exaggerated and expecting a recovery. Platinum fell 4% to $1,428.35 an ounce and palladium dropped 3.1% to $975.25.
