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Gold rose against the Dollar, reaching 1- and 10-week highs, respectively, as US data indicated a slowdown in the world's No.1 economy.

The Gold/Silver Ratio has averaged 58 ounces of silver to 1 ounce of gold, rising from 31 in the 1970s to 81 this decade. Retail sales slipped 0.1% from September, and the odds of a Fed rate cut in May are 2-in-3, with less than 14% of betting on the June 2024 decision expecting no change from the current 2-decade high of 5.50% per annum.

Philip Newman, managing director at independent consultancy Metals Focus, said that the bulk of year-to-date redemptions reflect continued monetary tightening and its consequent boost to yields, especially in real terms.

The giant SLV silver ETF shrinks 0.2% in size, while the giant GLD gold ETF remains at its largest in almost two weeks.

Total silver demand is forecast to ease by 10% in 2023, with gains in industrial applications offset by losses in all other key segments.