Silver Pressured by Rising Middle East Risks

2026-10-22 01:47 By Jam Kaimo Samonte 1 min. read

Silver prices dropped toward $56 an ounce on Thursday, giving back recent gains as renewed tensions in the Middle East pushed oil prices higher and fueled inflation concerns.

Crude oil advanced following a drone strike on Saudi Aramco’s Shaybah field that killed two people, while the US ordered some personnel and family members to leave American embassies in Saudi Arabia.

Reports also suggested that the US and Israel have drawn up plans for renewed strikes on Iran after the midterm elections.

Meanwhile, the US Federal Reserve is widely expected to keep interest rates unchanged next week, after Chair Kevin Warsh’s remarks last Friday did little to alter expectations for a pause.

However, markets continued to anticipate a potential Fed rate hike in December amid persistent energy-driven inflation.

The European Central Bank and the Bank of Japan are also expected to maintain their current interest rates next week.



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