Precious Metals Prices

Precious metal prices increased 4.9% month on month in October, following September’s 4.3% rise.

Precious metal prices trended upwards in October, averaging above September’s level on the back of surging safe-haven demand in anticipation of the U.S. elections and amid rising geopolitical tensions. During the month, gold traded at a fresh all-time high of USD 2,784 per troy ounce and silver at an over-decade high of USD 34.57 per troy ounce. Moreover, festivity-related purchases in India added momentum to the price rally for gold and silver, and supply concerns boosted prices for palladium. That said, a stronger USD and a monthly rise in U.S. treasury bill yields tempered investment demand. In addition, weaker global vehicle demand exerted some downward pressure on platinum and palladium—the metals’ main use is in catalytic converters.