Gold crashes to 1-year low: Is it time to buy?
What's the story
October 2026 proved to be a tough month for precious metals like gold, silver, and platinum. The international gold price hit a one-year low on October 30, falling below $3,900 per ounce. This was largely due to rising energy prices and persistent inflation concerns. Silver also witnessed a sharp decline during the same period amid geopolitical uncertainty and crude oil price volatility.
Market impact
Silver fell below $50 mark
The white metal, silver, fell below $50 an ounce for the first time since November 2025. The fall was attributed to rising expectations of prolonged higher US interest rates.
Meanwhile, platinum also suffered a major blow with its price dipping below $1,500 per ounce, its lowest since September 2025.
This was mainly due to weaker demand outlook and investment outflows that weighed on investor sentiment.
Price drop
Monthly and annual performance of gold, silver, and platinum
Among the three precious metals, silver witnessed the steepest monthly decline of 19.17% in October. It was followed by platinum, which fell 16.65% on a monthly basis, and gold, which declined 7.23%.
On an annual basis, platinum remained the biggest loser with an 8% decline.
The recent sell-off has also changed the gold-silver ratio to its highest level since December, indicating more ounces of silver are now needed to buy an equivalent measure of gold.