Markets

Silver Fell 6.1% to Its Lowest Close Since November 2025

The iShares Silver Trust dropped 6.11% to $50.22 on October 14, its worst day since June and 17.3% below its September 22 high. Gold lost about 1.5% and gold miners 4.40% as rate-hike bets rose.

Oct 15, 2026

Precious metals had their worst day in months on October 14. The iShares Silver Trust (SLV) fell 6.11% to $50.22, its biggest drop since June 24 and its lowest close since November 26, 2025. It is now 17.3% below its September 22 close of $60.73. Gold fell less: the SPDR Gold Shares ETF (GLD) lost 1.49% to $375.99, and gold miners, as usual, amplified the move, with the VanEck Gold Miners ETF (GDX) down 4.40% to $83.40, its lowest close since August 4. All three have now fallen three days in a row.

The timing points to the CPI report. On Binance, the gold-backed token PAX Gold traded between $4,140 and $4,147 in the hour before the release; in the hour that included it, it fell to $4,099.51. Gold and silver pay no interest, so when markets start to expect higher rates, the cost of holding them rises compared with bonds or cash. A stronger dollar adds to the pressure because both metals are priced in dollars, and the dollar index rose 0.36% on the day.

Silver usually falls harder than gold in these moments. Its market is much smaller, a large part of demand comes from industry rather than investors, and it attracts more short-term speculation, so moves in both directions tend to be bigger. The same is true of mining shares, whose profits change by more than the metal price because their costs are largely fixed.

Early on Thursday, October 15, part of the drop was being recovered: front-month gold futures were up about 1.3% and silver futures about 1.3%. Whether that holds depends largely on the producer price figures due at 8:30 a.m. ET.