Key Highlights

● Silver fell sharply on Friday, October 30, 2026.

● It traded around $49.14 to $49.28 an ounce.

● It hit a 52-week low.

● Silver's decline was steeper than gold's.

Silver fell sharply on Friday, October 30, 2026, trading at about $49.14 to $49.28 an ounce, according to market data compiled for the session. The metal hit a 52-week low, according to market data, as did gold.

Gold futures for December delivery dropped $132.50 to $3,898.90 an ounce, a one-year low. The two metals often move together, but silver's decline was steeper on the day.

Fed bets in focus

The selloff in metals was tied to a repricing of Federal Reserve expectations. According to market data and market data, bets on a rate hike, firm oil prices and Inflation worries pushed gold to a one-year low and silver sharply lower. CME FedWatch data cited by market data on Friday showed a December hike as the expected outcome.

Precious metals pay no interest. When rates are expected to rise, the return on cash and short-term bonds improves, which tends to make holding metals less attractive. That dynamic weighed on both gold and silver.

On Friday, three Fed officials argued for higher rates. St. Louis Fed President Alberto Musalem said, "I judge that additional firming of Monetary Policy will be necessary, and soon." Dallas Fed President Lorie Logan said she wants at least two more quarter-point hikes, while Richmond Fed President Tom Barkin said, "I think the question though is pace."

The Fed left its benchmark rate range unchanged at its October 27-28 meeting, but two officials dissented in favor of a hike. September's personal consumption expenditures price index showed inflation at its highest level since May, and third-quarter gross domestic product beat forecasts.

Silver's dual role

Silver is both a precious metal and an industrial input, used in electronics, solar panels and other manufacturing. That means its price can be influenced by both Investment Demand and the outlook for industrial activity.

On Friday, signals for industry were mixed. The Chicago purchasing managers' index slid to 55.3 in October, missing forecasts but staying in expansion territory. Copper, another industrial metal, fell to $6.51 a pound.

Miners under pressure

Silver-mining stocks moved with the metal. Hecla Mining (NYSE:HL), Coeur Mining (NYSE:CDE), Endeavour Silver (NYSE:EXK) and Silvercorp Metals all fell, with no company-specific news reported for those names. Gold miners including Newmont (NYSE:NEM) and Agnico Eagle Mines (NYSE:AEM) also declined.

The broader stock market had its worst day since June. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite lost 747.73 points to 25,437.00. Intel (NASDAQ:INTC)'s cash-burn warning set off a chip selloff, while energy, staples, utilities and health care rose.

What to watch

The Fed's December meeting is the main event for precious metals. Before then, the October jobs report on Friday, November 6, and the Institute for Supply Management's surveys next week will shape expectations. A strong jobs number could add to rate-hike bets and weigh on silver, while softer data could give the metal room to recover.

Investors will also watch oil prices, which have stayed above $100 a barrel amid tensions around Iran and the Strait of Hormuz, and industrial data for clues about demand. With silver near $49 and at a 52-week low, traders will be watching whether that level holds or whether selling extends into November.