Precious metals are on pace to finish November with their best monthly performance since at least 2021.
The nearest-traded futures contract for gold gained 7.1% on the month.
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As it stands, that snaps a seven-month losing streak, according to Dow Jones Market Data, making it the best performance since May 2021.
The similar contract for silver was up 12.9%, which would be its best monthly performance since December 2020. Silver, on track for its third straight month of gains, is up 19% over that period.
Seen as a hedge against inflation and market turbulence, precious metals haven’t held up as well as some investors might have hoped. Rising interest rates and a soaring dollar have put pressure on prices while upping the attractiveness of government bonds. Gold has lost 4.1% this year while silver has fallen 7.3%.
Relative to the S&P 500’s 17% decline, however, those losses may be more palatable for metal investors. Some of this month’s rise may stem from quakes in China’s lockdown regime, which boosted metals such as copper and aluminum this month as well.