Spot silver traded near $52.06 an ounce on October 29, 2026, down more than 3% on the day and at a fresh year-to-date low, according to Kitco News. Gold fell more than 1% to about $4,015.60 an ounce while holding support near $4,000.
The weaker silver price pushed the gold-silver ratio above 76, its highest reading since December 2025, per research firm Metals Focus. The ratio sat in a 60 to 70 range over the summer. It has risen more than 11% this year but remains below the 2020 to 2025 average of 82.
Metals Focus attributed the pressure to persistent inflation and higher bond yields. The Federal Reserve held rates steady on Wednesday but kept a tightening bias, and CME FedWatch pricing implies an 80% chance of a 25-basis-point hike in December. The firm said gold is better insulated by its monetary role and central bank buying, while silver is more exposed to industrial demand and speculative flows.
Physical market data pointed to softer demand. London vault inventories reached 932 million ounces by the end of September, the highest in nearly four years, and available stocks outside physically backed ETPs were about 267 million ounces, nearly double the October 2025 low. Silver-backed ETP holdings have dropped by about 60 million ounces this year, and net managed money longs in CME silver futures fell to 17 million ounces, the lowest since February 2024. Primary bullion coin sales fell more than 80% in the second quarter versus the first, the lowest quarterly level since the survey began in 2010.
Metals Focus expects the global silver deficit to narrow this year and shift to a surplus in 2027, and it considers a significant physical squeeze unlikely in the near term. It also expects silver to follow gold's direction over the next 12 months.
Source: Kitco News -- https://www.kitco.com/news/article/2026-10-29/silver-could-see-further-losses-against-gold-physical-market-weakens-metals