Silver December futures opened at $54.69 per ounce on Friday, October 23, 2026, extending the gold and silver price decline as inflation fears and higher energy costs kept buyers out of precious metals. The contract was down 0.6% from Thursday’s close and slipped to $54.04 by 7:15 a.m. ET.
Investors in precious metals were hit by a move that left silver at its lowest opening level since November 28, 2025. For traders watching the metal as a hedge, the shift means the latest price action is running against a market that had spent much of the year with much stronger gains behind it.
CME and FedWatch tool pressure
The CME Group's FedWatch tool still showed most traders expecting the Fed to hold rates steady next month, and that expectation has left less room for precious metals to catch a bid. When rates stay elevated, assets that do not pay income can lose some appeal as buyers weigh other uses for cash.
Silver had year-over-year growth of 173.3% on May 14, yet it opened at its lowest level since November 28, 2025 on October 23, 2026. That gap is the sharpest sign in the data that the recent decline is not just a one-day move but part of a longer unwind.
Brent crude and Iran
Brent crude prices hit levels last seen in May after the war in Iran began on February 28, keeping energy costs higher and feeding the inflation fears weighing on precious metals. Higher input costs push the market toward a more cautious read on inflation, and silver has not been spared.
Physical silver is also treated differently once it is sold. Bars, rounds, and coins are classified as collectibles by the IRS, and if silver is held for one year or less, any profit is taxed as ordinary income; if it is held for more than one year, the gain is taxed at an ordinary income rate but no more than 28%.
The immediate watchpoint is whether silver can hold above the early-trading low while rates stay on hold next month. If the price keeps slipping and energy costs stay elevated, the market is signaling that the metal’s 2026 rally is losing momentum faster than many investors expected.
