The precious metals of Gold and Silver saw net September changes of -$10.50 (0.9%) to $1196.20, and +$0.15 (1.1%) to $14.71 respectively. Mid term outlook offers further downside, as US rates are regularly being raised, which should help to maintain a broadly strong USD.
Suffice to add, it was a mixed month for the precious metals, with Gold seeing a sixth consecutive net monthly decline, whilst Silver saw a bounce.
By definition, every US rate hike is bearish for gold and silver, as it raises the carrying costs. The USD is a key variable of course, and its notable that gold still fell in September, despite a slightly weaker dollar.
As things are, another rate hike will be due Dec'19th, with another 3-4 in 2019. Further, the USD could be expected to remain broadly strong, certainly holding above the key DXY 88s.
*m/t bearish implications for the related gold miners.