The price of spot silver lost 3% on Oct 30 to close at $50.82 an ounce, extending a technical selloff that has depressed the metal for two straight sessions. The latest decline follows a drop on Oct 29 that took prices to $52.40 an ounce, pulling the metal below the $53 mark.
The slump has left silver trading beneath its 200 day moving average by the widest margin seen since the Covid pandemic. These losses reverse a brief rally on Oct 27, when silver hit $54.40 and gold climbed back above $4,000 as investors sought safe havens amid Middle East uncertainty and falling oil prices before the Fed announced a rate decision on Oct 28.
