Gold Fund Slips 0.18% as Silver Fund Falls 0.79% | Gold & Silver, Oct 16
Gold held near US$4,168 on Friday 16 October while silver fell 0.8%, as hopes for a Fed pause met rising oil. Gold miners rose 0.79%. The post Gold Fund Slips 0.18% as Silver Fund Falls 0.79% | Gold & Silver, Oct 16 appeared first on The Rio Times .
Gold and silver prices saw a minor decline on Friday, October 16, as investors navigated Federal Reserve rate hike expectations and rising oil prices. The SPDR Gold Shares (GLD) fund slipped 0.18% to US$382.01, while the iShares Silver Trust (SLV) fund decreased 0.79% to US$51.51. Gold miners outperformed the metals, with the Global X Silver Miner ETF (GDX) climbing 0.79% to US$87.71 and Newmont Corporation rising 2.43% to US$118.60.
The SLV fund's decline, however, surpassed gold's fall, indicating investors favored miners over the precious metals themselves. Despite the metals' overall flat performance, the divergence between gold and silver highlighted market sentiment influenced by inflation concerns and a weaker US dollar. Notably, Pan American Silver gained 1.01% to US$44.21, while Peruvian silver producer Buenaventura declined 2.34% to US$30.42.
These fluctuations in silver production countries underscore the metal's geopolitical influence. Looking ahead, Polymarket predicted a 82.8% chance of gold settling at US$4,200 by October's end, with 43.0% odds for US$4,300 and 70.0% likelihood of a drop to US$4,100. Investors closely monitor these prediction markets, which react swiftly to economic news and Federal Reserve communications.
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