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Gold fell below $4,000 an ounce in October 2026 and by late October was near $3,907, on track for a second monthly loss. Silver fell below $50 and lost about 15% in the month.
The decline is attributed to Fed rate hikes lifting real yields, which raised gold's opportunity cost, while central banks continued heavy buying.
Rising real yields and a hawkish Fed are pressuring precious metals, a macro theme that tends to strengthen the dollar and tighten financial conditions. The direct effect on feed commodity prices is limited.
ainvest.comNov 2, 2026After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
