Spot silver traded near $53.90 an ounce in late U.S. trading on Friday, October 23, down 1.26% on the session, according to the Kitco PM Report. Spot gold stood near $3,995.81 an ounce, down 0.70%, and was heading for a weekly decline of more than 3.5%.
Kitco linked the selling in both metals to higher crude oil prices and expectations for restrictive Federal Reserve policy. Brent crude moved above $117 a barrel and WTI above $103. Kitco reported that silver faced more pressure than gold because elevated energy costs and tighter monetary policy raised concerns about manufacturing demand.
U.S. economic data formed the backdrop. The preliminary October composite purchasing managers' index eased to 57.6 from 58.4 in September, while the manufacturing index rose to 56.0 from 55.9 and the services index fell to 57.9 from 58.8. The University of Michigan final October consumer sentiment reading was 48.0. Year-ahead inflation expectations rose to 4.7% from 4.6%, and longer-term expectations rose to 3.5% from 3.4%, both the highest readings since May.
The Federal Open Market Committee meets October 27 and 28, with its decision due at 2 p.m. EDT on Wednesday. September personal consumption expenditures inflation data follow on Thursday, October 29. Kitco noted that softer inflation readings could reduce expectations for a December rate hike, lower Treasury yields and weaken the dollar, while persistent price pressure would keep tighter policy in view and weigh on bullion.
In Canada, the S&P/TSX Composite Index finished about 0.34% lower, with weakness in financial and precious metals mining shares partly offset by gains in energy producers.
Source: Kitco News - https://www.kitco.com/news/article/2026-10-23/gold-silver-extend-weekly-losses-hormuz-tensions-push-crude-above-116-kitco