Gold Fund Slips 0.18% as Silver Fund Falls 0.79% | Gold & Silver, Oct 16
Key Facts
- Spot gold traded near US$4,168 an ounce late on Friday 16 October, almost unchanged, while the GLD gold fund fell 0.18% to US$382.01.
- The SLV silver fund fell 0.79% to US$51.51, so silver fell more than gold.
- Gold miners rose, with the GDX fund up 0.79% to US$87.71 and Newmont up 2.43% to US$118.60.
- Buenaventura, Peru’s gold and silver miner, fell 2.34% to US$30.42, while Pan American Silver rose 1.01% to US$44.21.
- Prediction markets: Polymarket gives 82.8% to gold touching US$4,200 in October and 70.0% to US$4,100 on the downside (US$315,782 traded across the event, read at 8:22 pm ET on 16 October). Bets, not forecasts.
Today’s Focus
Gold ended Friday 16 October almost unchanged near US$4,168 an ounce, while silver fell more, with the SLV fund down 0.79%, according to Kitco and RT. The two metals diverged as hopes for a pause in Federal Reserve rate rises collided with a sharp rise in oil.
A weaker US dollar supported the metals, while higher crude prices raised inflation fears. The GLD gold fund fell 0.18% to US$382.01 and the SLV silver fund fell 0.79% to US$51.51.
Gold miners did better than the metals. The GDX miners fund rose 0.79% to US$87.71 and Newmont gained 2.43% to US$118.60.
What matters today. For US investors the miners are a leveraged way to hold gold, and Friday showed them rising while the metal itself was flat.
01 The session in one read
Spot gold traded near US$4,168, down 0.05%, in late US trading, according to Kitco. The SLV silver fund closed at US$51.51, down 0.79%.
The GLD fund, which tracks the gold price, closed at US$382.01, down 0.18%. The GDX miners fund closed at US$87.71, up 0.79%.
Spot prices differ between data providers by a few dollars, so we use the fund closes as the firm figures. Both measures show a flat to slightly lower day.
The gold price barely moved, yet most gold miners rose, which suggests investors were buying the producers rather than the metal. Silver fell more than gold, which is typical when yields rise.
We could not confirm a single settlement price for gold. The spot level is therefore approximate.
02 The board
| Instrument | Level | Change |
|---|---|---|
| Spot gold (US$ an ounce, late US trading) | 4,168 | -0.05% |
| GLD gold fund (US$) | 382.01 | -0.18% |
| SLV silver fund (US$) | 51.51 | -0.79% |
| GDX gold miners fund (US$) | 87.71 | +0.79% |
| Newmont (US$) | 118.60 | +2.43% |
| Pan American Silver (US$) | 44.21 | +1.01% |
| Buenaventura ADR (US$) | 30.42 | -2.34% |
The table mixes the spot gold price from Kitco with RT fund and share closes. The spot figure was taken in late US trading and may differ from the final settlement.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 205,430.33 | +0.54% | +21.85% | 204,324.26 | 168,310 | 167,142 | — |
| IPSA | 10,969.16 | -0.02% | — | 10,971.88 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 68,420.16 | +1.12% | +12.17% | 67,663.29 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,848,945 | -0.35% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,566.28 | -0.55% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,210.69 | -0.91% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Kitco described a market caught between two forces. Hopes that the Federal Reserve would pause its rate rises supported gold, while sharply higher crude prices raised inflation worries and pushed bond yields up a little.
A weaker US dollar helped both metals, which gold bulls count as a support. The Nasdaq fell 2.14% on Friday, which kept some investors looking for safer assets.
US industrial production rose 0.7% in September against a forecast of 0.4%, according to the Federal Reserve. Strong factory data supports the case for higher US rates, which weighs on gold.
04 The Latin American read
Mexico and Peru are among the world’s largest silver producers, so silver moves matter for both economies. Pan American Silver, which operates in both countries, gained 1.01% to US$44.21.
Peru’s Buenaventura fell 2.34% to US$30.42 even as gold miners in general rose. The sources did not explain the fall, and we do not offer a reason.
05 The names to watch
Newmont is one of the largest gold miners, and it rose 2.43% to US$118.60. Agnico Eagle rose 1.05% to US$189.53 and Wheaton Precious Metals 0.77% to US$134.18.
The GLD fund remains the simplest way to follow gold itself, while SLV tracks silver. Both fell on Friday.
What Prediction Markets Say
Polymarket, a prediction market, priced a touch of US$4,200 an ounce for gold in October at 82.8%, US$4,300 at 43.0% and a fall to US$4,100 at 70.0%, with US$315,782 traded across the event (read at 8:22 pm ET on 16 October). These prices are bets, not forecasts.
They can move quickly on inflation data and Fed comments.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
06 The outlook
The week ends with gold within about 1% of the US$4,200 level that prediction markets treat as the key October test. A pause in Fed rate rises would support it, while higher oil could keep inflation fears alive.
Silver is the more volatile of the two metals. It fell faster than gold on Friday.
07 What to watch
- The Fed: Comments from officials about a pause in rate rises are the main driver for gold.
- Oil and inflation: Brent near US$110 keeps inflation fears alive and bond yields firm.
- US$4,200: Prediction markets give 82.8% to a touch of this level in October.
- Peru and Mexico: Silver miners such as Pan American Silver and Buenaventura show how producers react.
Background: Gold Rebound: Dollar Slip Lifts Metals.
Background: Brent Oil Rises 3.7% to US$109.86 on Supply Fears.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
What happened to gold on 16 October?
Spot gold traded near US$4,168 an ounce in late US trading, almost unchanged, according to Kitco. The GLD fund fell 0.18% to US$382.01.
Why did silver fall more than gold?
Spot silver fell about 0.8% to near US$56.85 as higher oil and bond yields weighed, according to Kitco. The SLV fund fell 0.79%.
How did gold miners do?
The GDX fund rose 0.79% to US$87.71 and Newmont rose 2.43% to US$118.60. Buenaventura fell 2.34%.
What do prediction markets say about gold?
Polymarket priced a touch of US$4,200 in October at 82.8% as of 8:22 pm ET on 16 October. These are bets, not forecasts.
Market data: RT; spot prices and drivers: Kitco; prediction markets: Polymarket.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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