Silver changed hands near $53.30 an ounce while Asia traded on Thursday, October 29, per FXStreet, slipping below $53.50 for a second successive day of losses. MarketRadar's snapshot at 03:39 UTC printed silver at $53.3, down 1.55% against its $54.17 reference, a $0.87 fall. Reuters, via the Economic Times, put spot silver at $53.60 at 00:44 GMT, down 0.7% on the session, while Moneycontrol's later print had silver at $53.86, down 0.2%. Morning range: $53.30 to $53.86, a $0.56 span.
On October 28 the Federal Reserve held its benchmark at 3.75% to 4% in a 10-2 vote, per Reuters, keeping September's quarter-point increase in place. Lisa Cook and Beth Hammack dissented, both preferring a quarter-point rise at this meeting. The statement kept the line that inflation "remains elevated" and upgraded the economy's description to "strong" from "solid". Chair Kevin Warsh reaffirmed the committee's commitment to its 2% inflation target, per FXStreet, and outlined a thinner calendar ahead: eight gatherings next year, one of them vote-free, and six rate-setting sessions in 2028.
The $53.30 print is the session's marker. Everything after it gets measured against that level, in Asia and beyond, until the next data print lands.
Why it matters
A hold with two hawkish dissents leaves silver caught between two pulls. Higher rates raise the opportunity cost of holding a metal that pays no yield, and the firmer dollar made dollar-priced bullion dearer for other-currency buyers. Reuters put the dollar index at 102.25 in early Thursday trade, with marginal gains.
At the same time, the hold itself removed the hike traders had priced as a live possibility for October, and December pricing eased: traders priced about a 78% chance of a December hike after the announcement, against 84% before it, per CME FedWatch via Reuters. That 6-point slip is the number to carry into the December 8-9 meeting debate.
Positioning added weight. TD Securities noted that commodity trading advisers were rotating inside the metals complex: on the day, CTAs were "sellers of silver" while adding zinc and lead. Silver also lagged gold on the morning: MarketRadar's snapshot had gold at $4,042.6, down 0.06%, putting the gold-silver ratio at 75.85 ounces of silver per ounce of gold.
MarketRadar levels math
| Time (UTC/GMT) | Silver | Change | |
|---|---|---|---|
| Reuters spot | 00:44 GMT | $53.60 | -0.7% |
| FXStreet Asian hours | Morning, Oct 29 | $53.30 | Second day lower |
| MarketRadar snapshot | 03:39 UTC | $53.3 | -1.55% vs $54.17 reference |
| Moneycontrol spot | Early Thursday | $53.86 | -0.2% |
Round-number markers for the session: $53.50, the level Asian trade broke below; $53.00, the next whole-dollar mark under the morning low; $54.00, the first whole-dollar mark above the morning range. Above $54.00, silver clears every morning print; through $53.00, it sits $0.30 below the Asian low. Gold's snapshot print of $4,042.6 against silver's $53.3 gives the 75.85 ratio above.
What to watch
- US Personal Consumption Expenditures data at 12:30 GMT on October 29, the Fed's preferred inflation gauge, released alongside the advance estimate of third-quarter GDP and weekly jobless claims.
- The European Central Bank decision at 13:15 GMT on October 29, expected to hold its benchmark at 2.5%, per Reuters on October 23, amid French bond-market turmoil questions.
- Whether December hike pricing holds near 78% after the PCE print, or moves back toward the 84% priced before the October 28 announcement.
- Whether CTA silver selling extends to a third session, or zinc and lead buying rotates back.
Key points
- Silver at $53.30 in Asian hours on October 29, below $53.50, for a second successive day lower, per FXStreet.
- Fed held at 3.75%-4% on October 28 in a 10-2 vote; Cook and Hammack dissented in favour of a quarter-point rise.
- December hike pricing eased to about 78% after the decision from 84% before it, per CME FedWatch via Reuters.
- TD Securities: CTAs sold silver on the day while adding zinc and lead.
- MarketRadar snapshot at 03:39 UTC: silver $53.3 (-1.55%), gold $4,042.6 (-0.06%), gold-silver ratio 75.85.
MarketRadar take
The morning tape reads as a metal repricing a hold that came with hawkish dissent, not a metal reacting to a cut or a hike. Silver broke $53.50 in Asia, the dollar held firm at 102.25, and systematic sellers added pressure at the same time. PCE at 12:30 GMT decides whether that break extends or reverses: a hot print backs the dissenters' case and keeps December hike pricing near 78% or higher, while a soft print gives silver room back above $54.00.
Until that print lands, the $53.30 Asian low is the line the session is measured against.
