2023-10-17 20:45:00

Gold and Silver Finally Get Off the Mat

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ETF Database
By Evan Harp

Spot gold prices were up 1% on Monday with the U.S. Dollar finally showing some weakness, slipping 1.2% amid faltering Treasury yields. Gold was at $1,656.09 and moving away from the two-week low it touched last week. Gold futures were also up .79%

The dollars significantly lower Yields are ticking lower, said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some safe-haven demand with heightened geopolitical risks.

Silver also had a big day, rising 2.45% up to $18.70 per ounce after stumbling recently.

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A panel discussion at the London Bullion Market Associations annual precious metals conference revealed that many participants anticipate rising interest rates to be a headwind, but given the ongoing geopolitical risks and more persistent inflationary environment, gold and silver could continue to see gains. DRW Investments portfolio manager Darren Botha said to Kitco that, “the central bank will not be able to get interest rates up to where they need to be to get inflation under control. When rates eventually peak, that will be a good environment for gold.”

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