Silver’s worst week since June, and the rebound that followed

Silver ended October on its weakest note in months. On Friday 30 October it traded at about $48.95 an ounce, down nearly 6% on the day and nearly 9% for the week, according to Kitco News. That was its worst weekly decline since early June.

What happened in the week

Kitco’s report on 30 October put the sell-off in the same frame as gold’s: higher oil prices, tied to the conflict with Iran, were lifting inflation expectations, and inflation expectations were keeping central banks hawkish. Silver trades on the same rate outlook as gold. The Federal Reserve held rates steady at its meeting on 28 October, yet markets were still pricing a rate rise in December and into the first quarter of 2027.

Kitco also reported that the dollar and bond yields had softened that day, which would normally help precious metals. Metals did not rally on it, and one analyst quoted in the piece linked the selling to investors raising cash after a tech sell-off, since precious metals are easy to sell quickly.

The rebound on Monday

By the US trading session on Monday 2 November, Kitco reported silver near $50.80, up $1.80, or 3.67%. Gold rose too, to about $3,945.80. The main reason the report gave was oil. Reports of progress in talks between US and Iranian negotiators, held in Doha with Qatari mediators, pushed Brent down to $104.77, a fall of 7.6% on the day. Iran has said the Strait of Hormuz could be reopened within two days under an agreement, but Kitco noted that no formal agreement had been announced.

Lower energy prices eased the inflation worry, and the 10-year Treasury yield fell toward 4.9%. Against that, Kitco pointed to a strong US manufacturing survey and to the Fed, which it said is the main source of the expectation that rates will go up again. Futures markets put the odds of a December hike near 75%.

The levels Kitco is watching

These are Kitco’s technical reference points, not ours. For silver it names resistance at $54.72 and $59.00, with higher targets at $61.00 and $62.03. On the downside it names support at $49.04 and $45.66. Its view is that the metal’s trend “remained under pressure” after October’s declines, so a move back above $50 does not, on its own, change that picture.

What to watch

Kitco flagged the data calendar for the coming days: job openings and factory orders on Tuesday, the ADP private payrolls and ISM services surveys on Wednesday, and the October jobs report on Friday. Its reasoning is that weaker payrolls could support metals, while strong jobs would add to the case for higher rates. The US midterm elections fall on Tuesday 3 November, and several of the analysts Kitco quoted on 30 October named them as a possible source of volatility.

For gold, the same week’s moves are covered in Gold’s one-year low, and why it has not rallied on a weaker dollar. Silver against gold is tracked on our gold-to-silver ratio page.

Every figure here is as reported by the publications listed under Sources, at the time they reported it. Prices move; the live gold price has the current one. Nothing on this page is investment advice.