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Metals Stocks: Gold, silver extend rally after best week since March

Gold and silver prices continued to climb on Monday after cementing their best weekly performance since March.

Price action

Gold futures


for December delivery gained $6.70, or 0.4%, to $1,788 per ounce.

Silver futures


for September delivery advanced 24 cents, or 1.2%, to $20.44.

Palladium futures


for September delivery gained $44, or 2.1%, to $2,174 per ounce, while platinum futures


for October delivery gained $14.30, or 1.6%, to $904 per ounce.



for September delivery was flat at $3.56 per pound.

What analysts are saying

Strategists warned that the latest rally — the biggest for gold and silver since March — has been driven by the perception that the Federal Reserve is planning to slow the pace of rate hikes. Rupert Rowling, a precious metals strategist with Kinesis Money, warned that it could reverse if investors abandon the view that the Fed is already slowing the pace of rate hikes in response to a slowing U.S. economy.

“A large portion of markets’ recent bounce, which gold has also been a beneficiary of, has been predicated on future Fed rate hikes being smaller with fewer of them required. If this proves a false dawn then a fresh slide of both equities, particularly growth stocks, and gold can be expected,” Rowling wrote in an emailed note viewed by MarketWatch.

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