Gold and silver prices dropped in global markets on Thursday, October 22, 2026, as rising geopolitical tensions in West Asia pushed crude oil prices higher. This increase in oil prices raised concerns about inflation and central bank policies, which typically weigh on precious metals that do not offer interest income.
COMEX gold futures fell $20.40, or 0.49%, to $4,129.60 per ounce, while silver futures declined $0.665, or 1.15%, to $57.045 per ounce. The rise in crude oil prices was driven by attacks by Yemen's Iran-aligned Houthi group in Saudi Arabia, prompting the U.S. to evacuate some diplomats, which further fueled market uncertainty.
In India, gold and silver prices also declined on Wednesday, October 21, 2026, due to a stronger rupee, higher crude oil prices, and weak global trends. Gold of 99.9% purity dropped ₹1,300 to ₹1.49 lakh per 10 grams, and silver fell ₹1,600 to ₹2.13 lakh per kilogram. The rupee appreciated 48 paise to close at 94.43 against the U.S. dollar, supported by Reserve Bank of India intervention.
Investors are now closely monitoring crude oil prices, geopolitical developments in West Asia, the U.S. dollar, and Treasury yields for cues on precious metals. The outlook for the U.S. Federal Reserve's monetary policy remains crucial, as higher interest rates could further pressure gold and silver prices by increasing the opportunity cost of holding non-yielding assets.