Gold slips under $4,000 and silver hits its lowest price of 2026 as oil climbs toward $117

Gold, the asset many investors reach for when conflict flares, is falling on a day oil is rising on conflict. Gold futures traded as low as $3,989.20 an ounce on Friday, its first trade under $4,000 since July 29, when the low was $3,994, according to Yahoo Finance's daily history. The 2026 low is $3,955.40 on June 30. The Financial Times ran the headline "Gold drops below $4,000 as 'haven' asset joins market sell-off." Gold was changing hands near $4,003 on our live board at 12:41 PM ET, down about 0.5%.

Silver did worse. Futures hit a low of $53.08, the lowest of 2026 on the same daily history, and were near $54.10 by midday. Kitco and Forbes both flagged silver's year-to-date low.

The numbers

Both metals peaked on the same day, January 29. Gold has since given up about a quarter of its value and silver more than half. Silver started the year at $70.56 on January 2, so it is now 23% below where 2026 began. Gold, which began at $4,329.60, is down 7.3% on the year. Source: Yahoo Finance daily closes; percentages are our calculation.

The gold-to-silver ratio, the number of silver ounces one ounce of gold buys, is about 74 on these prices. It is a rough guide to how much more violently silver trades than gold, and silver's drop is the sharper one.

Why a war day is not a gold day

The usual script says conflict lifts gold. Today the script is not being followed. Brent rose about 3.5% to $117.10, the highest since April, as reports surfaced that the US and Israel may be drawing up plans for renewed attacks on Iran, CNBC reported. The Dow was down more than 500 points at midday while the Nasdaq edged up.

What is pushing the other way is rates and the dollar. Gold pays nothing, so higher yields make holding it more expensive. Our live board shows the dollar index at 101.48, up 0.17%, and the Fed funds rate at 3.88% with the next policy decision on October 28. CNBC put the 10-year Treasury yield at about 4.99% on Friday, after it dipped below 5% on Thursday for the first time in a month. We covered the cost of holding an ounce when yields were higher in our October 5 piece. We are not claiming a single cause for Friday's move. What the numbers show is that oil, the dollar and yields moved on the same day gold fell.

The inflation side matters too. Higher oil raises the odds of higher inflation, which can keep the Fed from easing and, in the current market, keeps rate-hike talk alive. That is a headwind for a metal that earns no interest.

Who it hits

• Jewelers and pawn shops: the price of the metal on the bench is falling, which cuts the value of inventory bought at higher prices, while customers selling scrap get less per ounce.
• Miners and royalty companies: revenue per ounce falls faster than costs. Kinross, for example, has already cut production guidance; see our report.
• Manufacturers that use silver in solar panels, electronics and brazing alloys get some relief on input cost after a 53% fall from the peak, though contracts often lag spot.

What to watch: the Fed decision on October 28, the dollar, and whether oil holds above $115 Brent. Our gold chart and markets board update through the day.

Sources: Yahoo Finance futures history for gold and silver; CNBC live markets blog; Kitco; Forbes; Financial Times (headline). Prices are intraday and will change. This is market information, not investment advice.