Gold and Silver Price Drop: Silver Off 14% in October
By Tobi Opeyemi Amure
AI summary of the source article
Spot silver dropped over 14% in October, while gold fell between 3.5% and 3.8%, widening the gold-silver ratio near 79. Gold maintained support from central bank purchasing, whereas silver declined sharply amid fading speculative and industrial demand.
Key facts
- Spot silver fell more than 14% in October, while gold declined between 3.5% and 3.8%.
- The gold-silver ratio climbed above 76 and touched near 79 on Friday morning screens.
- Central banks purchased an estimated 289 tonnes of gold in the second quarter, while silver lacked an equivalent official bid.
Source excerpt · FinanceFeeds
The gold and silver price drop is not one trade. Spot silver is off more than 14 percent in October, while gold is down about 3.5 percent to nearly 3.8 percent, depending on the Friday morning tally. ET Now had gold around 3.5 percent lower on the month with spot at $4,012.34 as of 5:48, and silver around $52, off more than 14 percent. Muhammad Umair at FXEmpire put the same month at nearly 3.80 p…