Gold prices dropped to their lowest point in a year on Friday. Silver also fell below $50 an ounce. Investors sold precious metals to cover losses from a broad decline in technology stocks.
Spot gold lost as much as 3.2%, reaching $3,891.67 per ounce. This marked its weakest level since October 28 of last year. Comex gold for December delivery fell 3.1% to $3,907.90 an ounce.
Silver fared worse, sliding 5.8% to $49.34 an ounce. This was its first time trading under $50 since November 2025. Comex silver for December delivery dropped 6.3% to $49.08. The metal is down roughly 18% for October.
Rising oil prices fueled inflation worries and increased bets on another Federal Reserve rate hike. US inflation accelerated in September. Traders now price a more than 70% chance of a Fed hike in December.
Gold and silver mining stocks saw significant declines. Newmont, the world’s largest gold miner, dropped 5%. Agnico Eagle Mines lost 6.7%, while Barrick Mining fell 5%. The five most valuable North American gold companies collectively lost almost $140 billion in market value from their 52-week highs.