Separate readings of India’s silver futures showed a daily loss alongside a higher late-session exchange listing Friday, Oct. 23, as oil’s rally refocused markets on inflation and U.S. interest rates.
For the Multi Commodity Exchange of India (MCX) Dec. 4, 2026, silver contract, Upstox’s historical table recorded a close of ₹195,719 per kilogram, down ₹3,880, or 1.94%, from the previous session. It listed a low of ₹192,149. In a separate late-session listing, MCX showed the contract at ₹196,100 at 2 p.m. EDT (18:00 UTC), a distinct snapshot from the vendor’s daily close.
Brent crude settled at $116.72 a barrel, up $3.55, or 3.14%, its highest settlement since April 29, Reuters reported. The news agency linked the move to supply concerns after Houthi attacks in Saudi Arabia.
Reuters said higher oil prices had revived inflation concerns and led investors to reduce expectations for Federal Reserve rate cuts. Spot silver was down 1% at $53.97 an ounce at 11:20 a.m. EDT (3:20 p.m. GMT), the agency reported. Jim Wyckoff, a market analyst at American Gold Exchange, described the rate outlook as a headwind for gold and silver.
Reuters also reported that technology-stock selling had triggered margin calls for some equity traders and investors, leading some to sell gold and silver holdings.
At 11:20 a.m. EDT (3:20 p.m. GMT), Reuters cited CME FedWatch estimates of a 92% chance the Federal Reserve would hold rates at its Oct. 27-28 meeting and a 78% chance of a December hike. Those figures were market estimates at the time, not a policy decision. The Fed’s next meeting is scheduled for Oct. 27-28; Reuters identified the U.S. Personal Consumption Expenditures report, due Oct. 29, as a near-term inflation indicator.
