Gold Slips 0.30% to US$4,012 as Yields Rise | Gold & Silver, Oct 23
Key Facts
- Spot gold fell 0.30% to US$4,012 an ounce on Friday and ended the week about 3.8% lower.
- The silver fund SLV lost 1.26%, and the gold-miners fund GDX dropped 1.82%.
- The US 10-year Treasury yield rose to 5.00% from 4.96%, and the dollar index gained 0.14%.
- Platinum fell 1.25% to US$1,554 and palladium 0.90% to US$1,048 an ounce.
- US manufacturing activity beat forecasts: the S&P Global PMI was 56.0 against 55.5 expected.
Today’s Focus
Gold slipped on Friday, 23 October, as higher US yields and a firmer dollar made bullion less attractive. Spot gold ended at US$4,012 an ounce, 0.30% lower and down from US$4,168 a week earlier.
The silver fund SLV lost 1.26% and gold miners fell harder. The Newmont share price dropped 4.6% in New York.
What matters today. Higher US yields and a firmer dollar weighed on gold, silver and the miners for a second day.
01 The session in one read
Spot gold closed at US$4,012 an ounce on Friday, down 0.30%, its second fall in a row after a 2.5% drop on Thursday. The metal ended the week 3.8% below its 16 October close of US$4,168.
The US 10-year Treasury yield rose to 5.00% from 4.96%, and the dollar index gained 0.14% to 101.75. Gold pays no interest, so higher yields raise the cost of holding it.
Friday’s US data were strong. The S&P Global manufacturing PMI, a survey of factory managers, came in at 56.0 against a forecast of 55.5, and the services reading was 57.9 against 58.0 and the composite reading 57.6, in line with forecasts, according to the RT economic calendar. The University of Michigan survey showed 1-year inflation expectations at 4.7% and 5-year expectations at 3.5%, both as forecast, which keeps rate-cut hopes limited.
Gold has fallen for two sessions even though geopolitical risk is high. That suggests investors are focused on US interest rates, not on safety.
Strong US data and the Federal Reserve decision on 28 October keep interest rates in focus. If yields stay above 5%, gold is likely to remain under pressure.
02 The board
Spot gold closed at US$4,011.71, down 0.30%. The gold fund GLD fell 0.65% to US$366.61, and the silver fund SLV lost 1.26% to US$48.72.
Miners fell more than the metal: GDX lost 1.82% and Newmont 4.59%. Platinum and palladium also fell.
| Asset | Level | Change |
|---|---|---|
| Gold (spot, US$ an ounce) | US$4,011.71 | −0.30% |
| Gold fund (GLD) | US$366.61 | −0.65% |
| Silver fund (SLV) | US$48.72 | −1.26% |
| Gold miners fund (GDX) | US$80.20 | −1.82% |
| Newmont (NEM) | US$108.87 | −4.59% |
| Platinum (spot) | US$1,554.33 | −1.25% |
Source: RT close, 2026-10-23. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 205,082.56 | +0.47% | +21.85% | 204,120.12 | 168,310 | 167,142 | — |
| IPSA | 10,746.36 | -0.31% | — | 10,780.31 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 69,678.08 | -0.30% | +12.17% | 69,889.73 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,017,221 | — | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,540.10 | +0.46% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 57,021.19 | +0.13% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The main driver was the US rate backdrop. The 10-year yield rose to 5.00%, the dollar index gained 0.14% and US factory data beat forecasts, all of which reduce the appeal of bullion.
Oil also played a role. Brent settled about 3.1% higher on Friday, and higher energy prices can keep inflation, and therefore interest rates, higher for longer.
04 The Latin American read
Mexico is the world’s largest silver-producing country and Peru is also a leading producer, so the silver fund’s fall matters for both. Newmont, one of the world’s largest gold producers, operates the Peñasquito mine in Mexico.
Lower prices cut government royalty income and company profits in both countries. Mining is one of the biggest export earners for Peru.
05 The names to watch
Newmont’s 4.59% fall made it the weakest of the large gold producers in our verified data. The miners’ fund GDX moves more than the metal itself, which magnifies both gains and losses.
The silver fund SLV is the simplest way for US investors to follow silver. It fell more than gold on Friday.
06 The outlook
The Fed’s decision on 28 October is the next big test. The market expects the Fed to leave its target range of 3.75% to 4.00% unchanged, according to the RT economic calendar.
If yields stay above 5%, gold is likely to stay under pressure. A drop in yields or a weaker dollar would give it room to recover.
07 What to watch
- The Fed decision: The central bank announces its rate decision on 28 October at 18:00 UTC; the consensus is for no change.
- The 10-year yield: A move back below 4.9% would help gold.
- Core inflation: The US core PCE price index, the Fed’s preferred inflation gauge, is due on 29 October.
- Oil: A further rise in crude would keep rate fears alive.
Frequently Asked Questions
Why did gold fall on Friday?
US yields rose to 5.00% and the dollar index gained 0.14%, which made non-interest-paying gold less attractive.
How much did gold lose over the week?
Spot gold ended at US$4,012, about 3.8% below the US$4,168 close of 16 October.
Which Latin American countries matter for silver?
Mexico is the world’s largest silver producer and Peru is also among the leading producers, according to the Silver Institute.
When does the Fed decide next?
On 28 October 2026 at 18:00 UTC, according to the RT economic calendar.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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