Gold sees its value decrease substantially this week as it reports a -2.82% loss with its price decreasing from Monday’s market opening price of $1,989/oz to $1,933/oz at the time of writing. Since Monday, the yellow bullion saw its price reach a high of $2,002/oz early during Tuesday’s trading session. The weekly low was recorded at $1,930/oz. On a 3 month basis, the metal is up 5.34%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver prices are down as the white metal sees its price decrease from Monday’s market open price of $26.05/oz to today’s price of $24.23/oz, amounting to a hefty -6.81% loss. This week, silver experienced a high of $26.47/oz and a weekly low of $24.10/oz. In the last 3 months, the white metal’s value has increased by 2.40%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum’s value continued its downtrend this week as it sees its price drop from Monday’s market opening price of $1,000/oz to today’s price of $930/oz amounting to a weekly loss of -7.00%. This week, the industrial metal reached a high of $1,026/oz and a weekly low of $926/oz, the lowest recorded price in over 14 weeks. On a 3 month basis, platinum’s value is down -10.14% and down a further -21.78% since its peak on March 9th.
Palladium ends the week around the same level it start as it reports a 0.08% price increase from Monday’s market open price of $2,383/oz to $2,385/oz at the time of writing. Since Monday, the metal experienced a high of $2,480/oz and a weekly low of $2,347/oz. In the last 3 months, palladium’s value is up 13.36% and down -28.59% from its peak on the 7th of March.
Rhodium’s value is down -2.62% this week as it sees its price drop from $19,100/oz on Monday to $18,600/oz today. On a 3 month basis, rhodium’s value is up 55.00%.
Investors are looking towards using gold as an inflation hedge as the prices of oil, food, and supplies continue to soar. Last month, the US inflation rate jumped 7.9% year on year as it hit a new 40 year high. This may help push gold past the $2,000 level.
The bond market has been moving with much volatility in an upward manner and this has been pulling cash out of the precious metals market and into the bond market. In the last 3 months, the US 10 Year treasury yield has increased from 1.735% to 2.906% at the time of writing, the highest yield in 3 years and 4 months.
The stock market has been on a cycle of uptrends and downtrends while experiencing high levels of volatility, this too has moved cash out of the precious metals market and into the stock market.
The Russia-Ukraine war continues to rage on with little progress made in the peace talks, and global supply chain concerns over oil and Russian exported metals remain.
