Key Highlights

  • Silver futures fell 3.72% to USD 50.065 on Thursday, November 12, 2026, while palladium dropped 5.22% to USD 991.50.
  • Gold fell 2.88% to USD 3,885.30, its lowest level since October 2025, and copper slipped 1.49% to USD 6.196 per pound.
  • The 10 year Treasury Yield rose to about 5.10% and the dollar index gained 0.27% to 103.19, both of which raise the cost of holding metals that pay no income.
  • iShares Silver Trust (NYSEARCA:SLV) holders felt the drop, since silver now sits near the USD 50 level that has acted as a round-number test.

A Broad Metals Selloff

Precious metals declined together on Thursday. Silver futures lost 3.72% to settle at USD 50.065 an ounce, palladium fell 5.22% to USD 991.50, gold dropped 2.88% to USD 3,885.30, and copper eased 1.49% to USD 6.196 a pound. Gold's settle was the lowest since October 2025, a sign that the pullback is extending beyond a single session. The catalyst was a rise in yields and in the dollar. The 10 year Treasury yield climbed about 12 basis points to roughly 5.10%, the 2 year yield jumped about 15 basis points to 4.88%, and the dollar index rose 0.27% to 103.19. Because gold, silver and palladium do not pay interest, higher real yields make bonds more attractive and raise the Opportunity cost of owning metal. The move also followed a hot October consumer price report and comments from a Fed official that policy needs to be restrictive through smaller, more frequent hikes.

Why Silver and Palladium Fell Further

Silver and palladium dropped proportionally more than gold because they have industrial exposure on top of Investment demand. Palladium is used mainly in catalytic converters, so a drop of 5.22% reflects both the macro pressure and concerns about auto Demand and substitution. Silver has a similar dual role, with uses in electronics and solar panels, so weaker growth expectations hit it harder than gold when risk sentiment sours. The Russell 2000 fell 1.66% and materials were the weakest large sector at minus 1.28%, evidence that investors were cutting cyclical exposure broadly. Smaller trading volumes in palladium also mean that a modest wave of selling can produce a large swing. For iShares Silver Trust (NYSEARCA:SLV), which holds physical silver, the fund follows the Spot Price closely, so a 3.72% fall in futures translates into a similar fall in net asset value.

What to Watch From Here

Traders will look at whether silver can hold near USD 50, a round number that traders treat as a line in the sand. A close below it could invite technical selling, while a bounce would suggest buyers are defending the level, and the reaction at the open on Friday will be an early clue. The October producer price index on Friday and speeches from Fed officials, including Boston's Susan Collins and Dallas's Lorie Logan, may move yields again. Futures price a December hike of 25 basis points as close to fully priced, and talk of a larger move has not disappeared. Gold's slide below USD 3,900 and a stronger dollar suggest that metals may stay under pressure unless yields stall. Conversely, a weak Inflation print could help a rebound, since lower expected rates would improve the case for holding metal. Investors in iShares Silver Trust (NYSEARCA:SLV) should size positions with the daily Volatility in mind, and remember that a fund holding physical metal carries no income to cushion a falling price.

Where Things Stand

Metals fell as yields and the dollar rose, with silver at USD 50.07, palladium at USD 991.50 and gold at its lowest since October 2025. The next signals are Friday's producer prices, Fed speakers and whether silver holds USD 50. Holders of iShares Silver Trust (NYSEARCA:SLV) face continued sensitivity to rate expectations.