Precious metals fell sharply on Thursday, October 22, 2026, as risk-off sentiment spread through markets, according to Barchart. December COMEX gold futures were down 86.5, or 2.07%, while December COMEX silver fell 2.350, or 4.07%. Barchart columnist Rich Asplund attributed the move partly to a sharp sell-off in technology stocks and to Middle East tensions, and noted that some investors may have been dumping precious metals positions to cover margin losses on stocks.
Bitcoin was also down more than 3% on the day. Gold traded lower even though several factors would normally support it. The 10-year US Treasury yield fell 8 basis points, and the odds of a Federal Reserve rate hike at the FOMC meeting on October 27-28 declined to 11% from 15% on Wednesday.
Gold also failed to benefit from safe-haven demand linked to rising tensions in the Middle East. Barchart reported several attacks in the past two days by the Houthi militia on Saudi targets, including an oil field, a port, and an airport in Dammam. The US State Department also ordered the evacuation of non-essential personnel and their families from Saudi Arabia, which led to speculation about possible new US military action against Iran and/or the Houthi militia in Yemen after the US election.
Central bank activity provided a mixed picture. Barchart reported that Russia's central bank had reduced its gold reserves to 72.8 million ounces as of October 1, the lowest level in seven years, and that Russia is the sixth largest holder of gold among the world's central banks. In contrast, bullion held in China's PBOC reserves rose by 740,000 ounces to 77.47 million troy ounces in September, the largest monthly increase in three years and the twenty-third consecutive month of gold purchases by the PBOC.
Investment flows also offered some support. Barchart reported that long holdings in gold ETFs climbed to a four-year high on Tuesday, while long holdings in silver ETFs rose to a 6.5-month high the previous Friday. On currency markets, the dollar index (DXY00) was up 0.06% as safe-haven demand outweighed the bearish effect of lower Treasury yields.
The euro was undercut by social unrest in France and a sharp rise in French bond yields, with the French 10-year OAT yield reaching a 24-year high of 5.07%. The Japanese yen rallied on repatriation demand after a 2.65% sell-off in the Nikkei index. The article does not provide analyst price forecasts for gold or silver.
Source: Barchart.com, "Dollar Moves Higher on Safe-Haven Demand" by Rich Asplund, published October 22, 2026.
Source: barchart.com