Here’s a look at the latest developments in the precious metals market for the week beginning 11/1/2021.

• Gold stuck in a range as investors look ahead to Fed meet
• Rare 1955 Lincoln penny coin sells for $1,522
• A Stone Bought at a Flea Market Turned Out to Be a 34-Carat Diamond Worth $2.7 Million

Gold stuck in a range as investors look ahead to Fed meet

“Gold has been range-bound for nearly five months. We need some fresh air coming into markets, and this week’s Fed meeting could be such an event,” said Ole Hansen, head of commodity strategy at Saxo bank in Copenhagen.

Ahead of a key Federal Reserve meeting this week where the focus is on the central bank’s plan for tapering its pandemic stimulus measures, gold prices were hemmed into a range. 

Spot gold was up 0.2% to $1,786.60 per ounce at 1011 GMT. Silver rose 0.1% to $23.88 per ounce.

Reduce stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of holding non-interest bearing gold.

To learn more: Gold stuck in a range as investors look ahead to Fed meet

Rare 1955 Lincoln penny coin sells for $1,552 – do you have one in your pocket? 

Featuring 16th President Abraham Lincoln, the rare 1955 penny with an error has sold for more than $1,500 online. The coin has a double layer effect, called a double die, so the words and the year on the coin are doubled.

Minted in Philadelphia, specifically the words “In God We Trust” and “Liberty” are both doubled.

It has been said that it is the most famous Lincoln penny of them all – with just over 33 million of these coins getting minted.

To learn more: Rare 1955 Lincoln penny coin sells for $1,522

A Stone Bought at a Flea Market Turned Out to Be a 34-Carat Diamond Worth $2.7 Million

An exceptionally rare 34-carat stone whose owner believed it was a cheap piece of costume jewelry has been valued at over $2 million. The giant gem, which is about the same size as a $1 coin, belongs to a woman in her 70s living in Northern England, according to BBC.

The owner, who wishes to remain anonymous, told the news service she doesn’t remember where she bought the stone but she believes she might have picked it up at a flea market.

While cleaning her Northumberland home, the unwitting diamond collector nearly threw the six-figure rarity in the trash, before a neighbor suggested she take it to get valued.

Lane originally thought the stone was a less appealing cubic zirconia worth about $2,700. He even let it sit on his desk for a couple of days before he tested it. To great surprise, the diamond machine lit up straight away. The brilliant-cut beauty was then sent to the experts at the HRD Diamond Grading Laboratory in Antwerp, Belgium, who confirmed it was indeed a 34.19-carat color H VS1 diamond worth a staggering $2.7 million.

To learn more: A Stone Bought at a Flea Market Turned Out to Be a 34-Carat Diamond Worth $2.7 Million