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The best-performing precious metal for the week was silver, up 6.63%. A survey conducted during the London Bullion Market Association’s conference in Miami revealed that participants expect gold prices to increase by 10% over the next 12 months, with silver expected to gain over 40%, which indicates a stronger outlook for silver, according to Bloomberg. Gold hit a new record high on Friday, while silver is still significantly below its previous all-time high near $50 per ounce.
The World Gold Council noted that global physically backed gold ETFs attracted $1.4 billion in inflows during September. This marked a reversal of the outflow trend seen throughout 2024, with Europe being the only region still showing year-to-date outflows, according to Bank of America.The worst performing precious metal for the week was palladium, but still up 1.37%. Silvercorp’s second quarter production for fiscal year 2024 was 1.66 million ounces, slightly below BMO’s forecast of 1.
Calibre Mining’s share price took a hit, dropping as much as 13%, on Friday when they reported lower-than-expected gold production, due to higher-than-expected historical artisanal mining on the initial benches of the Volcan open pit. Calibre also lowered their production guidance for 2024. Spot gold prices are projected to hit all-time highs of approximately $3,000 per ounce by 2025.
Gold is expected to break out of its recent slump and move higher, fueled by central bank demand and increasing political uncertainty in the U.S. A 5.2% jump in September marked the largest monthly gain since March, largely due to the Federal Reserve's surprise 50-basis-point rate cut, Bloomberg reported.U.S. coin sales have been hovering near multi-year lows, with investors selling off coins as gold prices rise.
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