Gold, silver tumble in biggest daily drop in years as stunning precious metals rally comes to a halt

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• Gold, silver tumble in biggest daily drop in years as stunning precious metals rally comes to a halt</p>

<p>Ines FerréOctober 21, 2025 at 11:11 PM</p>

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<p>Gold futures (GC=F) prices tumbled in their biggest daily drop in over a decade as a stunning rally in precious metals came to a halt.</p>

<p>Spot gold dropped as much as 6%, to hover around $4,105 per troy ounce, its largest one-day drop since 2013.</p>

<p>Silver (SI=F) also tumbled more than 8% to mark their largest daily drop since 2021.</p>

<p>The move came amid easing trade tensions between Washington and Beijing, a rise in the US dollar, and technical indicators flashing overbought conditions.</p>

<p>"Gold had several attempts to push above $4,400, starting last Thursday. But on each occasion, it ran into resistance," Trade Nation senior market analyst David Morrison wrote in a note on Tuesday.</p>

<p>The key question now is whether the slide represents the start of a much-needed correction after a stunning rally year to date, he added.</p>

<p>"The first major test to the downside comes in around $4,000," Morrison said. "But it's also quite possible that this is all we get from the dip and that buyers come back in around $4,200."</p>

<p>Investors bought the dip last Friday when gold briefly dropped more than 1.5%, a rare pullback during its recent surge, as precious metals and equities reached all-time highs in October.</p>

<p>"This is just a bump in the road," Sevens Report Research founder Tom Essaye told Yahoo Finance on Tuesday.</p>

<p>"You still have elevated inflation," he said. "You have low real interest rates. You've got geopolitical concerns, you've got US government disfunction. That's all a bullish cocktail for gold."</p>

<p>Gold has climbed 28% since mid-August amid central bank purchases and inflows into gold-backed exchange-traded funds (ETFs). Investors piled into the metal to hedge against trade tensions and a flight from fiat currencies.</p>

<p>"What would break the back of gold would be if all of the sudden we greatly reduced our debt — not happening yet — and peace broke out in the world," Michele Schneider, chief strategist at Marketgauge.com, recently told Yahoo Finance.</p>

<p>Gold has climbed 28% since mid-August amid central bank purchases and inflows into gold-backed exchange-traded funds (ETFs). (AP Photo/Jae C. Hong, File) ()</p>

<p>Wall Street remains bullish on the precious metal going into next year.</p>

<p>Bank of America analysts recently reiterated their "long gold" recommendation, forecasting a peak of $6,000 per ounce by mid-2026.</p>

<p>Meanwhile, Wall Street has been upping its price targets on gold. Goldman Sachs sees gold hitting $4,900 per troy ounce by the end of next year, up from its prior prediction of $4,300.</p>

<p>JPMorgan analysts said the yellow metal could hit $6,000 per ounce by 2029.</p>

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<p>Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.</p>

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