NEW YORK (Scrap Register): Retail gold and silver demand appeared strong during the month of October, said HSBC in a report.
The bank cited a data on the U.S. Mint website reporting sales of 116,000 ounces of American Eagle gold coins in October, up nearly a quarter from the previous month. American Eagle silver coins did better, more than doubling to 3.8 million ounces.
“This reaffirms our view that gold prices under $1,300 an ounce and silver under $18 an ounce stimulates retail coin and small bar demand, which provides support to prices,” said analysts at HSBC.
However, The US dollar has softened ahead of the U.S. presidential election, helping boost gold futures. Large speculators had been adding to net-long positioning in the greenback prior to the recent sell-off in the currency.UNITED STATES November 04 2016 3:29 PM