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Silver prices rose initially but fell later this week, with the weekly chart forming a medium bearish candlestick and a cumulative weekly decline of nearly 7%. US September CPI beat expectations across the board, the probability of an October rate hike surged, the US dollar index hit an 18-month high, US Treasury yields stayed high, and combined with a flurry of hawkish remarks from US Fed officials and Middle East geopolitical risks, precious metals valuations remained under pressure.

Precious metals showed an overall weak bottoming pattern this week, dipping to around $4,073/oz after September CPI beat expectations across the board. Macro headwinds dominated: the hotter-than-expected CPI lifted odds of an October rate hike, US Treasury yields held at a high of 5.2%, and the US dollar index broke above 102 to hit a new year-to-date high. Williams' dovish remarks and the US-Russia diesel deal provided only temporary relief, while central bank gold purchases and fiscal credit concerns built a long-term floor. Going forward, focus will be on Waller's speech and the US Fed's October FOMC meeting.