OPEC noted that its precious metals index advanced by 11.4%, m-o-m, in October, supported by price rallies across all select precious metals, and was up 51.2%, y-o-y. Gold prices rose for a third consecutive month, increasing by 10.7%, m-o-m, in October. Prices rallied on the back of strong safe-haven flows driven by geopolitical risk. Expectations of a more dovish US Fed path and ongoing central bank net purchases of gold also contributed to the rally. Prices were up by 50.9%, y-o-y. Silver and platinum prices rose by 15.5% and 12.6%, m-o-m, respectively, in October. Both metals benefited from broad investor interest in precious metals during the period. Some strengthening in industrial demand also contributed to price rallies by both metals. Silver and platinum were higher by 52.5% and 61.7%, y-o-y, respectively.

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