Gold and silver prices tumbled to fresh lows as rising international crude oil prices, mounting U.S. inflation pressures, and growing market expectations for further Federal Reserve rate hikes combined to drag precious metals lower on October 30.

At the close of trading, December gold futures on the New York Mercantile Exchange settled at $3,898.9 per ounce, down 3.29%, while December silver futures closed at $49.276 per ounce, falling 5.93%.

This marked the first time silver futures dropped below the $50 per ounce threshold since November 2025.

Oil Prices Climb on Supply Concerns

International oil prices rose on October 30 after a tanker attack in the Strait of Hormuz heightened crude supply risks, pushing Brent crude to a six-month high.

At the close, December light sweet crude futures on the New York Mercantile Exchange settled at $104.12 per barrel, up 2.08%, while December Brent crude futures on the London market closed at $117.64 per barrel, gaining 2.4%.

Investors seeking exposure to precious metals may consider instruments such as Sprott Physical Gold & Silver Trust (CEF), Sprott Physical Gold Trust (PHYS), and Sprott Physical Silver Trust (PSLV).