Silver falls 4.5%; Aslam cites yields, dollar and oil-linked inflation

Copper slips; Nanhua Futures cites rate, dollar and tariff uncertainty

In the 1214 ET New York trading update, silver for December delivery was down 4.5% at $55.11 a troy ounce, while gold was down 2.1% at $4,062.40. Silver futures were on track for their lowest settlement since November 2025. Aslam said the weakness reflected pressure from rising U.S. Treasury yields, a stronger dollar and renewed inflation concerns as Brent crude traded above $110 per barrel. His assessment also applied to gold, as a stronger dollar and higher interest rates weighed on precious metals. He said silver faced additional pressure because its industrial applications expose prices to weaker manufacturing activity and slowing economic demand.

The 1303 ET update showed gold futures modestly higher as crude oil prices slipped into negative territory, while the U.S. dollar and Treasury yields were little changed. December gold was up 0.2% at $4,149.80 a troy ounce, while silver was down 0.5% at $57.695. Kaynat Chainwala of Kotak Neo said elevated oil prices continued to complicate the monetary-policy outlook, although weakness in the dollar and Treasury yields limited downside for precious metals. With no major U.S. economic data available, Chainwala said bond-market movements and crude-price developments were likely to guide trading over the next few sessions.

A separate 1428 ET settlement update showed front-month gold up 0.2% at $4,130.50 a troy ounce after oil prices surrendered early gains and the U.S. dollar slipped. Silver settled down 0.5% at $57.422 a troy ounce. Antonio Di Giacomo of XS.com said high oil prices had been a key driver of gold weakness because of the risk they posed to inflation. “Inflation can encourage demand for wealth preservation, but it can also support higher interest rates,” Di Giacomo said. “Concerns about a restrictive monetary policy response are limiting the metal’s appeal.”

In the 2019 ET update on early Asian trading, spot gold was down 0.4% at $4,123.25 an ounce. Di Giacomo said rising energy costs and uncertainty surrounding the Federal Reserve’s coming decision were likely to pressure gold, bringing the metal closer to $4,100, which he described as a key support level for the short-term outlook. Treasury yields and dollar performance remained obstacles to a sustained recovery, Di Giacomo said, while geopolitical escalation could support gold through safe-haven buying. Higher returns on debt instruments also increase the opportunity cost of holding gold, which pays no interest, he said.

In the 2233 ET update on early Asian trading, the three-month LME copper contract fell 0.6% to $14,274.50 a ton. Nanhua Futures analysts said copper prices were likely to remain range-bound in the near term. Separately, the analysts said uncertainty surrounding the U.S. Federal Reserve’s policy trajectory, volatility in the U.S. dollar index and pending U.S. copper tariff policies could amplify price fluctuations.

FRED’s vintage reading put the broad trade-weighted U.S. Dollar Index at 121.4048 on October 22. Aslam cited dollar strength as a pressure on precious metals, while Nanhua Futures cited volatility in the dollar index as a factor that could amplify copper-price fluctuations.

In the 1105 ET update, Mullen Group Chair and Senior Executive Murray Mullen told investors mining was the company’s only sector delivering growth as Canada pursued ambitious infrastructure goals. Mullen expected capital eventually to flow toward Canada’s major infrastructure projects but said the timeline was uncertain. “This is Canada,” Mullen said. “It sometimes takes a long time to get these projects off the drawing board and to shovels working.” Until the projects were officially approved, Mullen said the logistics company would hold back major capital expenditures and continue directing capital toward active growth areas such as mining.

On October 21, MSI reported that gold fell as higher crude prices sustained inflation pressure and reinforced expectations of hawkish monetary policy. That earlier coverage focused on oil-linked inflation and hawkish-policy concerns, which also appeared in the October 22 roundup. Aslam added rising Treasury yields and a stronger dollar to the Oct. 22 assessment.