Gold, Silver and Platinum Suffer Heavy Losses in October

Precious metals tumbled in October as gold prices hit a one-year low, driven down by rising energy prices, crude oil price swings and inflation worries. International gold prices dropped below $3,900 per ounce by Friday, October 30.

Market Declines

Silver and platinum fell sharply alongside gold. Silver dropped below $50 an ounce for the first time since November 2025, while platinum dipped below $1,500 per ounce to reach its lowest point since September 2025. Silver suffered the steepest monthly drop at 19.17 percent, followed by platinum at 16.65 percent and gold at 7.23 percent. On a yearly basis, platinum fell by 8 percent to lead annual losses.

Market Pressures

The sell-off pushed the gold-silver ratio to its highest level since December, meaning it now takes more ounces of silver to buy the same amount of gold. Ole Hansen of Saxo Bank noted that this gap highlights silver's greater weakness compared to gold, which still draws buyers who care less about interest rate shifts.

Context

Precious metals like gold and silver often move based on global economic conditions, interest rate expectations, and inflation. When borrowing costs stay high for a longer time, investors often move away from metals that do not pay regular interest.