Silver (XAG/USD) slipped to about $50.30 in Asian trading, staying near an 11‑month low as geopolitical tension and a hawkish Fed outlook weigh on the metal.

Silver prices dropped to roughly $50.30 per troy ounce during Asian hours on Tuesday, sliding below the $50.50 mark after a modest gain the day before. The metal is now hovering close to an 11‑month trough of $48.87, a level first seen on Oct. 30, as concerns over oil supply intensified following a U.S. strike on Iran's Qeshm Island.

Geopolitical backdrop fuels sell‑off

• U.S. officials confirmed the Monday raid was part of a series of limited strikes against Iranian targets, coming after President Donald Trump downplayed a broader war after Tuesday’s midterm elections.
• Iran’s IRGC said it shot down two U.S. MQM‑170 drones and a MQ‑9 drone near the Strait of Hormuz, adding to market nervousness.

Monetary policy and broader market pressure

• The CME FedWatch Tool shows a roughly 73% probability of a Fed rate hike in December, keeping the dollar strong and weighing on silver.
• A global sell‑off in technology and AI equities triggered wide‑scale asset liquidation, further depressing risk assets including precious metals.

What traders are watching next

• Key support around $48.80 – the recent low – could attract buying if it holds.
• Resistance near $52.00 may test market sentiment if the dollar eases or inflation data softens.
• Upcoming U.S. midterm election results on Tuesday could shift risk appetite and influence the metal’s direction.

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• Rba hikes cash rate to 4.85%, highest since 2008
• Half of office workers feel remote, NY Fed survey shows
• Pound weakens to near 1.3400 ahead of US midterm elections
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This article is compiled from international market news for information only. It is not investment advice.