Precious Metals Slide Overnight as Rate Expectations Rise
Silver and gold slid after Thursday's close following fresh inflation data and rate signals, while oil and major currencies saw muted session moves.
EasyAlpha Research · Oct 29, 2026 · Oct 30, 6:27 AM EDT
Round-the-clock trading showed the sharpest moves across major benchmarks following Thursday's close. Silver, an industrial and investment metal whose price hinges on manufacturing demand and borrowing costs, retreated in overnight trading, with round-the-clock quotes logging silver -6.8% alongside gold -1.8% as of 10:30 am New York.
Gold, a precious metal that investors typically treat as a store of value against inflation and currency weakness, also retreated. Bullion came under pressure after the Federal Reserve voted to hold its policy rate at 3.75% to 4.00%, which reinforced expectations of tighter monetary policy. Government figures showing consumer prices climbed 0.5% in September fueled that view. A simultaneous selloff in technology stocks also prompted investors to liquidate bullion holdings to meet cash needs elsewhere.
Crude oil, the primary energy input for global transport and industry that responds to supply quotas and economic growth, saw calmer trading. Crude oil prices edged up, and our sources show no reported driver for the quiet session.
In foreign exchange, major currencies strengthened against the dollar on Thursday, October 29. The U.S. dollar, the world's primary reserve asset that typically tracks relative interest rate differentials and risk sentiment, weakened slightly, and our sources show no reported driver for the move.
In digital assets, trading recorded Bitcoin -0.2% and Ethereum -0.2% in quiet conditions for cryptocurrencies, which fluctuate on market liquidity and speculative adoption rather than physical consumption or corporate earnings.
What to watch next centers on scheduled economic data releases. On Friday morning, the U.S. Bureau of Labor Statistics publishes the third-quarter Employment Cost Index, offering insight into labor costs. Shortly after, the Chicago Business Barometer provides an October snapshot of manufacturing health, coinciding with the settlement of newly auctioned five-year Treasury inflation-protected securities.
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