Gold, Silver and Precious Metals Daily — 2026-10-23
Spot gold plunged nearly 3% on October 22, falling to $4,024/oz as investors shifted to U.S. Treasuries amid stabilizing yields and stock market volatility. Silver underperformed significantly, with the gold-silver ratio widening to 73:1 as industrial demand concerns weighed on the metal. Despite the short-term pullback, central bank buying continues to provide a structural floor, with CIBC forecasting a recovery to $5,200 by 2027.
Gold, Silver and Precious Metals Daily — 2026-10-23
Gold Plunges 3% as Investors Flee to Treasuries
Spot gold prices suffered a sharp decline of 2.82% on Thursday, closing at $4,024.16 per ounce, a drop of $116.74. This move was driven by a flight to safety into U.S. Treasuries, where the 10-year yield fell 16 basis points to 4.96%, breaking the 5% psychological threshold. Analysts note that as investors sought refuge in bonds amid weakening U.S. equities, gold lost its immediate safe-haven appeal to the yield-bearing asset.
Silver Ratio Widens to 73:1 as Industrial Demand Lags
Silver fell nearly three times faster than gold this month, pushing the gold-silver ratio to 73:1. This divergence highlights silver's sensitivity to industrial demand concerns and higher interest rates, which reduce its appeal compared to gold. While gold ETF holdings bucked the trend to hit 2026 annual highs despite inflation headwinds, silver struggled to find similar institutional support.
CIBC Maintains Long-Term Bull Case at $5,200
Despite the current volatility, CIBC Capital Markets remains bullish on gold's medium-term trajectory, forecasting a recovery to $5,200 per ounce by 2027. The bank argues that persistent central bank demand offsets the near-term headwinds from a higher-for-longer U.S. dollar and elevated bond yields. This view contrasts with recent price action, where gold has struggled to hold the $4,100 support level.
Local View: Indian Bullion Market Sees Post-Dussehra Dip
In India, gold prices fell over 1% in the days following the Dussehra festival, with 10 grams of gold in Delhi dropping to approximately ₹1.32 lakh by October 22. The decline is attributed to rising crude oil prices fueling inflation concerns and a stronger U.S. dollar, which pressures domestic bullion rates. Despite the price drop, festive season demand typically supports prices, creating a complex dynamic for local jewelers.
Context & Numbers
- Spot Gold: Closed at $4,024.16/oz on Oct 22, down 2.82%.
- Gold-Silver Ratio: Widened to 73:1, indicating silver's underperformance.
- ETF Holdings: Gold ETF holdings reached 2026 annual highs in mid-October, though daily flows have shown recent volatility, with a 2.566-tonne decrease reported on Oct 22.
- Indian MCX: Gold futures traded near ₹1,44,550 per 10 grams, while silver futures hovered around ₹2,04,746 per kilogram.
On the Radar
- Fed Decision: The U.S. Federal Reserve decision is six days out, with markets currently pricing in an 83% probability of a rate hold in October.
- Oil Supply Risks: Continued concerns over energy supplies through the Strait of Hormuz and Houthi attacks on Saudi infrastructure are keeping inflation pressures high, which indirectly impacts gold's real yield sensitivity.
- 20-Year Supercycle Debate: Auspice Capital Advisors' Tim Pickering suggests that while gold is struggling, a 20-year commodity supercycle may just be beginning, offering a contrarian view to the current bearish momentum.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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