The prices of gold and silver began to bounce back early Thursday after facing steep losses a day earlier, when silver shed as much as 6% of its value, as Treasury yields and the U.S. dollar both fall amid a tech stock selloff.
Gold futures surged 1.9% as of 9:15 a.m. EDT Thursday to a price of $4,183.90, recouping much of its losses from Wednesday, while spot gold rose 1.3% to $4,159.00.
Silver also recovered, but to a lesser degree, with futures rising nearly 2% to $56.91, while spot silver jumped 2.1% to a price of $56.81.
A day earlier, silver futures fell as much as 6% to an intraday low of about $55.56, the lowest price the metal has seen in three months, while gold also fell below $4,100 for the first time since early August.
While metals fell Wednesday against a strengthening U.S. dollar, they’re up again Thursday as the dollar’s value is down nearly 0.5%.
Ole S. Hansen, head of commodity strategy at Saxo Bank, pointed to a “dramatic reversal” in Treasury yields, which fell early Thursday, and an ensuing technology stock selloff, saying it helped gold “recover from its post-CPI selloff, but the technical outlook remains fragile.”
Will the Federal Reserve Hike Rates This Month?
It’s looking less likely the Fed will raise interest rates at its upcoming meeting later this month. CME Group’s Fed Watch tool places the odds of an October hike at 29.3% as of Thursday morning, well below the odds on Wednesday. After the Bureau of Labor Statistics released Consumer Price Index data that showed inflation had risen slightly more than expected, odds of a Fed rate hike this month jumped from about 20% to more than 50% on the Fed Watch tool. At the time, Ole S. Hansen, head of commodity strategy at Saxo Bank, said an October rate hike would probably be “highly controversial,” given the meeting’s proximity to the midterm elections and “political sensitivity surrounding monetary policy.” Odds are still high for a rate hike later this year: The Fed Watch tool says the probability of higher interest rates in December is more than 92%.
Stock prices for many leading AI companies fell in premarket trading Thursday as rising inflation has sparked fears of interest rate hikes. As of 9:15 a.m. Thursday, Nvidia shares are down more than 2%, while Micron dipped 4.6%, CoreWeave fell nearly 5% and AMD fell more than 4%.
What to Watch For
Kevin Warsh, chair of the Federal Reserve, is scheduled to speak this Friday at meetings hosted by the International Monetary Fund and the World Bank in Bangkok, Thailand. Warsh is set to participate in a conversation with the IMF’s managing director Kristalina Georgieva.
Key Background
Gold and silver are still well below the highs they reached in January after a months-long rally carried them both to record prices. At their peaks, gold was priced around $5,600 while silver reached more than double its current value – reaching a high around $120. Factors including growing international tensions, increased demand from technological industries and interest rate cuts fueled the price hikes.
Written by Conor Murray for Forbes ~ October 15, 2026
