Gold Slips Under $4,000 as Silver Hits Lowest Since November on Oil Rally
According to Market Talk, gold fell below $4,000 an ounce and silver hit its lowest close since November 2025 as oil rose and Fed policy comes into focus.
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what happened
Precious metals are extending their losses. Silver fell to its lowest settlement since November 26, 2025, while gold dropped below the $4,000 level, according to Market Talk. Oil's climb, and the inflation risks it carries, is weighing on bullion, Konstantinos Chrysikos of Kudo says in a note.
The Federal Reserve is expected to keep rates steady next week, so traders will look to its statement and the press conference for clues. Chrysikos warns that a more hawkish tone, particularly if crude keeps rising, could deepen the bullion selloff. He adds that any hint of a softer policy stance might trigger a rebound.
Gold for October delivery on the New York exchange settled down 1.3% at $3,991.10 a troy ounce. Silver dropped 1.9% to $53.711 a troy ounce.
why it matters
Oil and inflation expectations are the key link for metals right now. Higher energy prices can keep the Fed restrictive for longer, which tends to hurt non-yielding assets like gold and silver. Any signal of easier policy would be the main factor that could support metals.
market impact
Gold and silver: higher oil lifts inflation worries and Fed-hawkish risk, pressuring bullion
tags
instruments
sources
- Precious Metals Lose Ground As Oil Prices Press Higher — Market Talk, 23 October 2026 at 18:35 UTC
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