Tech Sell-Off Drags Metals Lower (10.23.2026)

A deepening sell-off in technology and artificial intelligence stocks pressured financial markets, forcing investors to liquidate precious metals holdings to cover losses elsewhere. 

Gold declined toward $4,000, approaching a three-month low, while silver dropped to around $54 as elevated oil prices added to inflation concerns. Meanwhile, the yen strengthened toward 156 per dollar, reaching a five-week high amid safe-haven demand and rising expectations for a December Bank of Japan rate hike. The euro recovered modestly toward 1.1225 as Treasury yields softened, while sterling held near 1.34 following stronger UK inflation data that reinforced Bank of England tightening expectations.

EUR/USD Edges Higher Near 1.1225

The euro gathered fresh buying momentum on Friday, extending its overnight recovery from below 1.1200 as US dollar selling persisted. Softening US Treasury yields and expectations of a Federal Reserve rate pause continued to depress the dollar near multi-week lows. However, EUR/USD gains remain constrained near 1.1225 by France's ongoing fiscal vulnerabilities, while broader geopolitical risks provide underlying support for the dollar. Amid these conflicting fundamental drivers, spot prices remain bound within their established weekly trading channel.

The first resistance is positioned at 1.1260 while the support starts from 1.1180.

Gold Approaches Three-Month Lows

Gold slid toward $4,000 per ounce on Friday, approaching its lowest levels in nearly three months. This decline stems primarily from a cascading sell-off in technology and artificial intelligence stocks, compelling investors to liquidate precious metals holdings to meet liquidity needs. Elevated oil prices further compounded downward pressure by intensifying inflation concerns and cementing expectations of sustained high interest rates. However, increasing skepticism regarding the long-term sustainability of aggressive As a primary growth driver for the US economy, AI investment tempered aggressive rate hike bets, providing a slight offset to the broader decline.

First resistance is seen at $4065, with initial support near $3980.

Yen Reaches Five-Week High

The Japanese yen advanced toward 156 per dollar on Friday, reaching a five-week peak before retracing slightly, as a global sell-off in technology and artificial intelligence equities supported safe-haven demand. Tech shares fell after Meta Platforms announced capital expenditure increases, raising debt financing concerns across the sector. Nationally, Japan's headline and core inflation accelerated to a nine-month high of 2.1% year-over-year in September, driven by energy costs and currency weakness. With inflation exceeding the 2% target, market expectations for a December Bank of Japan interest rate increase continue to build following an expected hold next week.

First resistance is seen at 157.50, with initial support near 155.40.

GBP/USD Hovers Near 1.34

GBP/USD is trading near 1.34 with a mild bullish tilt. UK inflation accelerated to an above-consensus 3.5%, leading markets to price in an upcoming November Bank of England rate increase as nearly guaranteed, providing underlying support for sterling. Technical resistance stands firm at 1.3412, whereas key downside support lies at 1.3390 and 1.3275. Market volatility could pick up later today following the release of US PMI and University of Michigan consumer sentiment reports.

From a technical view, resistance stands near 1.3460, with support around 1.3320.

Silver Drops to Around $54

Silver dropped to around $54 per ounce on Friday, touching its lowest level since November 2025. A deepening sell-off across technology and artificial intelligence equities forced traders to liquidate precious metals holdings to cover losses in other asset classes. Equities declined further following Meta Platforms' planned capital expenditure increase, which renewed concerns over tech sector leverage. Furthermore, elevated oil prices magnified broader inflation fears, reinforcing expectations that central banks will keep interest rates elevated for a longer duration.

From a technical view, resistance stands near $54.80, while support is located around $53.00.