A jump in oil prices and a firm dollar kept pressure on precious metals into the weekend, with the US central bank up next.
Spot silver was near $53.90 an ounce late on Friday 23 October 2026, down about 1.3% on the day, and gold was near $3,996, heading for a weekly fall of more than 3.5%, according to Kitco. Brent crude rose above $117 on renewed tension around the Strait of Hormuz. The US Federal Reserve announces its next decision on Wednesday 28 October.
What happened on Friday
Precious metals ended the week under pressure. Spot silver was trading near $53.90 an ounce in late trading on Friday 23 October, down about 1.3% on the day, extending what Kitco called a week of heavy selling. Forbes reported that silver had touched its lowest level of the year so far. Gold was near $3,996 an ounce, down 0.7% on the day and heading for a weekly fall of more than 3.5%, Kitco said.
Why: oil, the dollar and interest rates
The main driver was oil. Brent crude rose above $117 a barrel during Friday's session, its highest level in more than four years, on renewed concern about military escalation involving Iran. According to Kitco, October has been the most intense month so far for attacks on vessels in and around the Strait of Hormuz, with 28 incidents, and diplomatic efforts remain stalled.
Higher oil feeds into inflation, and the market's worry is that persistent inflation keeps interest rates higher for longer. The 10-year US Treasury yield was near 5%, and the dollar was firm. Both tend to weigh on gold and silver, which pay no interest and are priced in dollars.
What comes next
The US Federal Reserve meets on 27 and 28 October and announces its decision at 2pm Eastern time on Wednesday 28 October. US inflation figures for September follow on Thursday 29 October. Both are dates the metals market will be watching. We do not forecast prices.
What it means if you own silver
Daily price moves matter most for bullion and for silver sold purely as metal. Much of the silver that families own is worth more as an antique than as metal: a Georgian teapot, a Victorian card case, a signed piece by a known maker or a complete canteen of cutlery is valued for its maker, its date and its condition, not just its weight.
If you are thinking of selling, have each piece looked at individually before anything is bundled into a single figure for scrap. Send us a few photographs of the piece and its hallmarks for a free valuation, with no obligation to sell.
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- Kitco NewsWire, "Gold, silver extend weekly losses as Hormuz tensions push crude above $116", 23 Oct 2026
- Forbes, "Silver hits year-to-date low as gold also falls amid rising oil prices", 23 Oct 2026
Prices are spot prices per troy ounce in US dollars as reported by Kitco on 23 October 2026. They are not the prices paid for jewellery, silverware or coins. This article does not give price guidance or forecasts; for a valuation of your own items, contact us.
