Gold and silver extend losses as crude oil tops $98 after Saudi drone strikes

Gold and silver prices extended their declines on Thursday, October 22, as crude oil climbed to nearly $98 a barrel following drone attacks on Saudi Arabian oil facilities, with higher oil prices fueling inflation concerns that pressured precious metals. In global markets, Comex gold futures traded near $4,110 per ounce, down $39.70 from the previous close, while silver traded near $56.45 per ounce, down $1.26. Domestically, MCX gold futures traded near ₹1,44,593 per 10 gram, and silver near ₹2,04,804 per kg, both opening lower. Analyst Ajay Kedia noted gold was witnessing long unwinding with open interest down 1.38 percent, while silver faced fresh selling pressure with open interest up 1.87 percent. Both metals remain far below their yearly highs, with gold having peaked at $5,586.20 per ounce and silver at $121.79 per ounce.