Gold and silver prices fell in global markets on Friday, October 23, as rising crude oil prices and inflation concerns hit precious metals. COMEX gold futures fell 0.86% to $4,025.40, while silver dropped 1.65% to $54.10. Investors now watch the US Federal Reserve meeting for clues on future interest rates.
Gold and silver prices extended their decline in global markets on Friday, October 23, as elevated crude oil prices and concerns over inflation weighed on precious metals.
COMEX gold futures fell 0.86% to $4,025.40 per ounce, while COMEX silver futures declined 1.65% to $54.10 per ounce, according to the latest available data.
Gold was trading below its previous close of $4,042.20 per ounce, while silver was down from $54.695.
The declines came after domestic gold prices fell to a three-month low on Thursday (October 22) and silver dropped to a 10-month low, reflecting the broader weakness in bullion markets.
Why are gold and silver prices falling?
Rising crude oil prices revive inflation concerns
Higher crude oil prices have raised concerns about inflation remaining elevated, reducing expectations of an early easing in monetary policy. Brent crude futures rose around 4% on Thursday (October 22) to a five-month high amid concerns over potential supply disruptions in the West Asia.
Early on Friday (October 23), Brent crude traded at $112.96 per barrel, while US West Texas Intermediate crude stood at $98.12 per barrel.
Higher energy prices can feed into inflation, potentially prompting central banks to keep interest rates elevated for longer. This can weigh on gold and silver, which do not generate interest income and may become less attractive relative to interest-bearing assets.
Geopolitical tensions add to market uncertainty
Concerns over energy supply disruptions have intensified amid escalating tensions involving Saudi Arabia and Yemen-based Houthi forces. Saudi Aramco reportedly ordered the evacuation of its headquarters in Dhahran on Thursday (October 22) as fighting intensified.
Separately, an oil pipeline serving Libya's Hamada and Tahara oilfields was shut, reducing production at both fields, according to the country's National Oil Corporation.
The developments have added to concerns about global energy supplies and contributed to the rise in crude oil prices.
US Federal Reserve outlook remains in focus
Investors are also watching the US Federal Reserve's October 27-28 monetary policy meeting and upcoming US inflation data for clues on the interest rate outlook.
Expectations that interest rates could remain higher for longer may continue to weigh on bullion prices. Any easing in crude oil prices or geopolitical tensions, however, could help reduce inflation concerns and provide some support to precious metals.
Why is silver falling more sharply than gold?
Silver tends to be more volatile than gold, making its price movements more pronounced during periods of market uncertainty. In addition to its role as a precious metal, silver has substantial industrial uses, meaning its prices are influenced by both investment demand and expectations for industrial activity.
In domestic markets, silver prices fell by ₹5,900 to ₹2.07 lakh per kg on Thursday (October 22), according to the All India Sarafa Association. This was a decline of ₹31,500, or 13.18%, from its December 31, 2025, level of ₹2.39 lakh per kg.
Silver has fallen nearly 48.7% from its all-time high of ₹4.04 lakh per kg recorded on January 29, 2026.
Gold prices in Delhi also declined by ₹1,000 to ₹1.48 lakh per 10 grams on Thursday (October 22), with the metal last trading around this level on July 30.
What should investors watch next?
The near-term direction of gold and silver will depend on crude oil prices, developments in the West Asia conflict, US inflation data and signals from the Federal Reserve.
For Indian investors, movements in the rupee will also matter because India imports a substantial share of its gold and silver requirements. A weaker rupee can increase the domestic cost of imported bullion, while a stronger rupee can offer some relief, all else being equal.