Silver closed on Friday, 30 October 2026, at $49.14 an ounce, down 6.3% on the day, as selling that began in technology shares spilled into precious metals. It was the metal's first close below $50 in about 11 months, according to a weekly market review published on 1 November.

A month of losses, not a single-day move

The Hindu BusinessLine reported on 1 November that Comex silver fell 19.1% in October to settle at $49.13 an ounce, while India's MCX silver fell 20% to ₹1,78,900 per kilogram. Friday's low was reported at $48.90. The monthly figures show Friday was the sharp end of a longer retreat, not an isolated reaction to one headline.

What drove Friday's selling

Reuters linked the drop to a technology-led equity sell-off, with concern about heavy investment in artificial intelligence and the possibility of forced selling adding to pressure. Margin calls and liquidation of liquid holdings were presented as a plausible explanation, not a confirmed cause of the whole decline. The September PCE price index rose 0.5% month on month and 3.6% year on year, according to media reports cited in the coverage, feeding expectations that the Federal Reserve will keep policy tight. Higher energy prices deepened concern that inflation will linger, a difficult backdrop for a metal that pays no yield.

A deficit that did not shield the price

Positioning had already thinned: Saxo Bank reported net long positions fell in the week through 20 October to 3,746 contracts, the lowest in 32 months. Sucden Financial still projected a sixth consecutive annual supply deficit of roughly 46 million ounces, close to the World Silver Survey 2026 figure of 46.3 million ounces. Friday showed such a projected deficit offers little short-term protection when rate expectations and market selling move together.