Gold drops to US$4,068 and silver falls nearly 5 percent as Hormuz oil spike fuels Fed hike fears — Precious Metals Daily Update, October 22, 2026

Precious metals fell sharply on Thursday morning, with gold trading around US$4,068.08 / C$5,708.91 per ounce on the Gold Stock Corp live ticker, down 1.93 percent in Canadian-dollar terms. Silver dropped to US$55.24 / C$77.50 per ounce, down 4.75 percent in Canadian dollars, while platinum fell to US$1,587.41 / C$2,228.92 per ounce, down 2.64 percent. Gold broke below support near US$4,105 and traded as low as about US$4,057 in early US trading, its lowest level in more than two months, and silver fell earlier and further than gold as the smaller, more industrial market amplified the selling. The trigger was energy, not a sudden shift in the dollar. Renewed attacks on commercial shipping in the Strait of Hormuz and attacks in Saudi Arabia pushed Brent crude above US$110 per barrel, reinforcing inflation concerns days before the Federal Reserve and the Bank of Canada decide policy. Higher oil keeps expectations of further tightening alive, with futures pricing a low chance of a Federal Reserve move on October 28 but odds near 88 to 90 percent of a December hike, and the US 10-year yield held near 5.10 percent. UK September CPI came in hotter at 3.5 percent year over year, against 3.4 percent expected and 3.1 percent prior, and US initial jobless claims fell to 194,000, below expectations near 200,000 and the prior revised 200,000, pointing to a resilient labour market that gives central banks little reason to ease. For investors: This is an oil-led inflation selloff, not a change in the longer-term case for bullion, but it is testing support in real time. A sustained move back above US$4,105 would undo the technical break in gold, while a close below it leaves the next supports in focus ahead of Wednesday, October 28, when the Bank of Canada decides at 9:45 AM ET and the Federal Reserve decides at 2:00 PM ET. Canadian-dollar investors should watch the loonie as well as spot, because the same oil strength that pressures metals can support the Canadian dollar and change the C$ price even when US dollar spot steadies. Position sizing into that double decision remains the key call. For jewelers: Lower Canadian-dollar prices are a practical restocking window, with silver near C$77.50 and platinum near C$2,228.92 easing fabrication economics and gold near C$5,708.91 down from C$5,820.57 a day earlier. Volatility is high and quotes can reset quickly around Friday data and the October 28 decisions, so confirming metal pricing early, and keeping scrap and trade buying aligned to live spot, helps protect margins while customers react to the headline drop. Coming up — events that will move metals this week: Thursday, October 22, 8:30 AM ET — US initial jobless claims (actual 194,000, against expectations near 200,000 and a prior revised 200,000): the resilient result, already released this morning, underlines that layoffs remain limited during the Fed blackout, which keeps hike expectations firm and metals under pressure. Friday, October 23, 8:30 AM ET — Canada retail sales (August): a direct read on the Canadian consumer ahead of the Bank of Canada decision. A surprise either way can move the loonie and therefore Canadian-dollar metal prices. Friday, October 23, 9:45 AM ET — S&P Global US flash PMIs for October (September manufacturing 55.9, services 58.8), followed by final University of Michigan consumer sentiment at 10:00 AM ET: the last full US data round before the October 28 decisions, with the services prices component watched closely for inflation pressure. Wednesday, October 28, 9:45 AM ET — Bank of Canada rate decision, with the Federal Reserve decision at 2:00 PM ET the same day: the biggest single day of the quarter for the loonie, yields, and Canadian-dollar bullion prices, with a hold expected in October and a December Fed hike widely priced. Live prices: https://www.goldstocklive.com