Silver Gains 1.5% to US$61.24 as Gold Edges Up | Gold & Silver, Oct 5
Silver rose 1.5% to about US$61.24 an ounce on Monday while gold edged up to about US$4,143, as US services prices hit a four-year high. The post Silver Gains 1.5% to US$61.24 as Gold Edges Up | Gold & Silver, Oct 5 appeared first on The Rio Times .
Silver prices increased by 1.5% on Monday, reaching approximately US$61.24 per ounce, while gold saw a modest rise to around US$4,143. This development occurred following the release of the ISM services survey, which reported prices paid at 74.0, marking the highest level since July 2022. The news had a more substantial impact on silver investors, who typically favor riskier assets during periods of higher inflation.
Despite the inflationary signal, gold remained relatively stable. Notably, Latin America plays a significant role in the silver market due to Peru and Mexico's prominence as major silver producers. Spot silver closed at US$61.24, up 1.47% from the previous Friday's US$60.35, while spot gold ended at US$4,143, up 0.11% from US$4,139.
The ISM services report for September indicated a headline index of 54.9, lower than the expected 55.7, with business activity falling to 56.5 from 61.7, and employment rising to 50.1 from 48. Prices paid climbed to 74.0, the highest since July 2022, indicating heightened inflation pressure. The performance of silver ETFs varied slightly from spot prices due to differences in closing times.
The ISM services report was the primary driver of the market movements. Higher price pressures may contribute to sustained high US interest rates, which could negatively affect gold. The article highlighted the importance of monitoring upcoming US inflation data and rate signals, as well as the predictions from Polymarket that gold could reach US$4,200 or US$4,300, while silver might approach US$4,100 or US$4,000.
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