Spot silver traded near $52.75 an ounce in early U.S. trading on Tuesday, October 27, down $1.09 or 2.03% on the session, according to the Kitco AM Report. Spot gold stood near $3,994.60, down $21.60 or 0.54%, and slipped below $4,000 during the morning.
Kitco linked the weakness to expectations for further Federal Reserve tightening and uncertainty over Middle East energy supplies. Silver fell harder than gold because concerns about industrial demand added to the pressure from interest rate expectations. Brent crude traded near $116.24 a barrel and WTI near $102.07.
The Federal Open Market Committee meets October 27 and 28 and is widely expected to hold its benchmark rate at 3.75% to 4.00%. Traders assign about a 73% probability to at least one increase by December. September consumer prices rose 0.6% on the month and 3.7% from a year earlier, while producer prices climbed 1.3% and 6.3%. The 10-year Treasury yield traded near 4.98%.
U.S. durable goods orders rose 1.8% in September to $345.4 billion, ahead of the 1.5% gain economists expected. Orders excluding transportation rose 0.5% against a forecast of 0.6%. The Fed announces its decision Wednesday at 2 p.m. EDT, and the advance third-quarter gross domestic product report and September personal consumption expenditures inflation figures follow Thursday.
Kitco listed technical levels for silver. Resistance sits at $54.46 and then $55.77, while support sits at $52.41 and then $51.39. A move back above the $54.46 to $55.77 zone would improve the near-term outlook, and a break below $52.41 would open the way toward $51.39.
Source: Kitco News - https://www.kitco.com/news/article/2026-10-27/precious-metals-weaken-hormuz-uncertainty-keeps-oil-elevated-ahead-fed