After tumbling sharply in mid-October, gold and silver prices have steadied over the past week as Canadian bullion markets regain footing from one of the largest short-term sell-offs in more than a decade.
As of Oct. 29, gold averaged about $5,589 per ounce in Canadian dollars, marking a modest rebound from last week’s lows near $5,500 but still well below the record high of roughly $6,065 reached on Oct. 16. The move suggests traders have absorbed the shock of the earlier correction, which saw gold fall more than six per cent in a single session.
Silver also regained some stability, averaging $67 per ounce, compared to last week’s $65 level. The metal remains off its mid-month peak of about $75.93 but has shown stronger relative support thanks to renewed industrial demand and a firmer Canadian dollar.
Dealers report steady physical buying as collectors and investors take advantage of lower prices. Typical premiums on one-ounce Royal Canadian Mint bullion coins, such as the Gold and Silver Maple Leafs, remain elevated due to continued volatility and tight delivery schedules.
Market analysts say precious metals are now consolidating after October’s dramatic swings. Many expect further sideways trading as global investors weigh inflation trends, U.S. Federal Reserve policy, and currency fluctuations heading into year-end.