Higher oil prices have revived inflation and interest-rate concerns, while a second day of losses in technology shares prompted investors to sell precious metals to cover losses elsewhere. Gold fell to a one-year low on Friday, and silver dropped below $50 an ounce for the first time since November 2025. Mining shares fell further, with some companies losing nearly 8%.
Gold at a one-year low; silver down about 18% this month
Spot gold fell as much as 3.2% to $3,891.67 an ounce in morning New York trading, its lowest since October 28, 2025. It later traded at $3,910.53, down 2.7%. December Comex gold futures fell 3.1% to $3,907.90, after touching an intraday low of $3,900.90. Gold had already slipped below $4,000 the previous week.
Spot silver dropped as much as 5.8% to $49.34 an ounce, taking its monthly loss to about 18%. December Comex silver futures fell as much as 6.3% to $49.08, before trading at $49.31. The decline has erased a rally that began in early December and lasted about two months, during which silver rose above $120. Trading was active: by before midday in New York, notional volumes in Comex gold and silver futures were about 18 million ounces and 236 million ounces, respectively.
Gold is on track to fall about 6% in October, which would be its worst monthly performance since 2008 and its second consecutive monthly decline. It is now about 28% below its record closing price of $5,419.83, set on January 28.
Oil, rate expectations and tech losses weigh on metals
Rising oil prices have reinforced concerns that inflation will keep interest rates elevated. Risks tied to the Middle East pushed Brent crude to its highest level since April, putting it on track for a fourth straight monthly gain. The Federal Reserve and European Central Bank both held rates steady this week, while warning that higher energy costs could add to inflationary pressure. US data released Thursday showed inflation accelerated in September. Traders now put the probability of a Fed rate increase in December above 70%.
Technology shares fell for a second consecutive day as another round of disappointing earnings heightened concern about spending on artificial intelligence. Money moved out of tech stocks and into US Treasuries. Peter Grant, senior metals strategist at Zaner Metals, said market signals continued to point to a “higher for longer” rate outlook, while inflation concerns were making central banks more cautious.
Bart Melek, global head of commodity strategy at TD Securities, said market momentum was weighing on gold. Higher oil prices may also prompt safe-haven demand for US Treasuries, drawing liquidity away from equities and precious metals, he said. Trend-following traders are testing long-term support levels in gold and silver. Commerzbank analysts said the technology sell-off could trigger margin calls and forced selling, but expected precious-metal prices to recover despite the scale of the declines.
Physical buying has yet to provide much support. Indian buyers remained cautious this week as they waited for prices to fall further, while demand in China was subdued. Asian investors bought gold-backed funds, in contrast with North American investors, who withdrew money from them.
Silver’s steeper decline lifted the gold-silver ratio to its highest level since last December. Ole Hansen, head of commodity strategy at Saxo Bank, said the divergence highlighted silver’s greater vulnerability to selling. If technical funds continue to reduce positions, silver could test the mid-$40s, he said. Platinum fell 4% to its lowest since September 2025, while palladium lost 3.1% to its lowest since June 2025.
Mining shares fall as North American leaders lose nearly $140 billion
Gold and silver miners fell more sharply than the metals on Friday, extending a retreat from highs reached earlier this year. The combined market value of the world’s 50 largest mining companies fell by $264 billion in the third quarter.
Newmont dropped 5%, putting its market value at $110 billion, more than 20% below its 52-week high. Agnico Eagle Mines fell 6.7% to a market value of about $83 billion, while Barrick Mining lost 5% to about $60 billion. Shares in both companies are roughly a third below their peaks. Barrick is down nearly 16% year to date.
Precious-metals streaming company Wheaton Precious Metals fell 5.1% and is 30% below its high. Franco-Nevada declined 2.2%, outperforming its peers, but remains 21% below its peak. The combined market value of North America’s five largest gold companies—Newmont, Agnico, Barrick, Wheaton and Franco-Nevada—is nearly $140 billion below their 52-week highs. Agnico accounts for more than $40 billion of the decline.
Kinross Gold was the biggest decliner among large miners, falling 7.7% and approaching its 52-week low. The stock is down 17% in October and has lost about half its value from its high, leaving the company with a market capitalization of roughly $23 billion. Alamos Gold fell 5.2% and is also near a 52-week low, with its share price about half its peak. The company said the previous day that it was delaying shaft work at its Island Gold mine because of rising costs.
Harmony Gold fell 7%, Gold Fields dropped 6% and AngloGold Ashanti lost 5.8%; all three are about 40% below their highs. Eldorado Gold declined 4%, extending the previous session’s fall after it cut its gold production outlook by 18%.
Silver miners faced heavier pressure. Hecla Mining dropped 6%, leaving it 60% below its 52-week high and with a market value of $9 billion. Coeur Mining fell 6.2% to about $13.5 billion; it is down 25% in October and 53% from its high. First Majestic Silver lost 6%, also putting it more than 50% below its peak. Vancouver-based Pan American Silver fell 6.3% to a market value of about $16 billion, 44% below its high.
Longer-term performance varies across the group. Newmont is still up about a third over the past 12 months and Barrick has gained 15%. Kinross, by contrast, is down 14% over the same period, while Coeur has fallen 28%.