Silver had a rough day on Wednesday 7 October. The white metal fell below 60 dollars per troy ounce for the first time since early August. At the close of US trading, 11 pm Belgian time, Kitco quoted 59.67 dollars, down 1.56 dollars or 2.55 percent from Tuesday. During the session the price even dropped to 58.88 dollars, a loss of almost 4 percent. TradingEconomics confirms that silver lost more than 3 percent during the day and touched its lowest level since early August.
Gold followed, though less sharply. Kitco had the yellow metal at 4,109.90 dollars at the close, down 1.28 percent, after a low of 4,065.70 dollars. That took gold below 4,100 dollars for the first time since 5 August. TradingEconomics showed 4,112 dollars and a loss of 1.26 percent in the evening, the same picture.
Why the silver price is falling today
The first cause is the dollar. The dollar index, which measures the US currency against other major currencies, rose 0.4 percent on Wednesday, Reuters reports via Kitco. A more expensive dollar makes gold and silver dearer for buyers outside the United States, and that weighs on the price.
The second cause is interest rates. In September the US central bank raised its rates, and the market is allowing for another step. According to the FedWatch tool of exchange group CME, the market puts the chance of another hike in December at about 86 percent. Jeff Schmid of the Kansas City Fed said rates need to rise to tame inflation. On Wednesday evening the minutes of the September meeting were also released. They show that most members consider another rate hike likely to be appropriate by the end of the year, without saying when. Gold and silver stayed close to their lower levels after the release.
A gloomy report on silver
Silver has another factor at play. Deutsche Bank believes the period of scarcity is over. Daniel Ghali, head of metals research at the bank, told Kitco on 2 October that London stocks had reached their highest level since November 2024 and that there is also more silver in New York and Shanghai. At the same time demand is falling: according to Ghali, Chinese demand for silver for solar panels is about a third lower this year than last year.
According to the bank, the market could tip into surplus as early as next year. Deutsche Bank expects an average silver price of 70 dollars in the second quarter of 2027. That is more than today, but far below the peak of over 120 dollars that silver reached early this year. Other analysts are more upbeat. At the annual conference of the LBMA, the London bullion market association, delegates this week forecast silver at 97 dollars and gold at about 5,013 dollars within twelve months.
What this means if you want to sell silver
Anyone with a drawer of silver cutlery, an old teapot or a box of silver coins sees a lower price today than a month ago. According to TradingEconomics, silver is down almost 9 percent over the month. Even so, the price is still more than 20 percent higher than in October 2025.
What your pieces are worth depends first on weight and fineness. A spoon of 800 parts per thousand contains a fixed amount of pure silver, and that does not change with a fall on the market. How we recognise and weigh solid silver is explained on our page about how to sell silver.
Silver and gold fell on Wednesday because of a stronger dollar, high US interest rates and a gloomy report on the silver market. None of that changes your own pieces. Have the weight and fineness determined correctly and always ask for the price of the day itself.
Gold holds up better than silver
On Wednesday gold is losing less than half of what silver is losing. We saw the same pattern at the end of September, when gold slipped below 4,200 dollars and silver gave up almost 4 percent. Silver is a smaller market and depends more on industry. Gold has the support of central banks: the Chinese central bank added gold in September for the 23rd month in a row, Reuters reports.
For anyone looking to sell gold jewellery or coins, the same principle applies as with silver. The price moves every day, but the fine gold in your pieces stays the same. The current price in euros is on our gold price today page. What counts for old rings, chains and broken jewellery is explained on our page about how to sell old gold.
What matters in the coming weeks
After the minutes, the big test is the next Fed rate meeting at the end of October. According to Reuters, the market expects no change in October but still sees a December hike as likely. As long as that expectation holds, gold and silver remain under pressure. If new figures on the US economy disappoint, the picture can turn quickly.