Precious metals fell steeply across the board in October, pressured by macroeconomic headwinds and shifting monetary policy expectations. Silver led the retreat by plunging over 19% to trade below $50 per ounce, while platinum sank more than 16% on a deteriorated demand outlook. Gold fell 7.23% during the month, sinking below $3,900 per ounce on October 30 to reach a one-year low. According to Saxo Bank's Ole Hansen, the widening performance gap reflects silver's heightened exposure compared to gold, which retains demand from rate-insensitive investors.
Key points
Higher-for-longer U.S. interest rate expectations and oil volatility drove a broad sell-o…: Higher-for-longer U.S. interest rate expectations and oil volatility drove a broad sell-off across all precious metals.
The steeper decline in silver expanded the gold-silver ratio to its highest recorded leve…: The steeper decline in silver expanded the gold-silver ratio to its highest recorded level since December.
Gold proved more defensive than silver because it maintained strong interest from investo…: Gold proved more defensive than silver because it maintained strong interest from investors who are less sensitive to interest rates.
Sources checked by our analysis pipeline: 1
Gold prices tumbled to their one-year low in October, marking their worst monthly performance in years. Silver and platinum also saw significant declines over the past one month amid rising geopolitical uncertainty, crude oil price volatility and inflation concerns.
As November begins, let’s take a closer look at how gold, silver and platinum performed in October, and which metal was the worst hit in the month.
Gold price today
International gold prices fell to their one-year low levels amid rising energy prices and persistent inflation concerns. International gold price fell below $ 3,900 per ounce on Friday, October 30, as per Trading Economics data.
Silver price today
Mirroring the weakness across the precious metals market, silver prices also saw sharp declines. The white metal plunged below $ 50 an ounce for the first time since November 2025. The sharp dip in the precious metal came as investors assessed growing expectations of elevated US interest rates for longer duration.
Platinum
Platinum dipped below $ 1,500 per ounce and reached its lowest since September 2025 on Friday, as per Trading Economics data.…
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