Silver's 19% October slide outpaces gold as precious metals post worst month in years

Silver lost 19.17% in October, the heaviest fall among the three major precious metals, as gold slipped below $3,900 an ounce and platinum dropped under $1,500, according to Trading Economics data. Gold's monthly decline of 7.23% marked its worst October in years, while platinum fell 16.65%. On a yearly basis, platinum was the biggest loser, down 8%.

The sell-off came as investors weighed expectations of US interest rates staying higher for longer, alongside rising energy prices and persistent inflation concerns. Silver's break below $50 an ounce was its first since November 2025, and platinum touched its lowest level since September 2025 on Friday, October 30.

The divergence has pushed the gold-silver ratio to its highest level since December, meaning more ounces of silver are now needed to buy the same measure of gold. Ole Hansen of Saxo Bank told Bloomberg that the gap underscores silver's continued vulnerability relative to gold, which keeps drawing demand from investors less sensitive to interest-rate developments.

For readers holding precious metals as an inflation hedge, the month is a reminder that the three metals do not move together: silver and platinum carry more industrial demand and more downside when rate expectations shift. Gold's smaller fall left it the relative winner of a losing month.