Live Metal Prices / oz
Gold: 2068.16 EUR
Silver: 23.12 EUR
Platinum: 841.50 EUR
Palladium: 940.00 EUR
Rhodium: 4769.58 EUR

Bullion Market Update, January 19, 2022

21 Jan 2022 - Market Updates

Gold is up on a 7-day basis as the metal reports a gain of 0.82% since last Wednesday’s market open price of $1,822/oz to $1,837/oz at the time of writing, the metal’s highest price in over 8 weeks. The yellow bullion is currently priced at its weekly high and recorded a low of $1,805/oz. On a 3 month basis, gold is up 4.08%.

Gold Price (5 days)

Source: GoldSilverPrice.eu

Silver sees a strong green week with its prices jumping from Wednesday’s market open price of $22.79/oz to today’s price of $24.05/oz amounting to a 5.48% gain. In the last 7 days, the white metal recorded its high at $24.06/oz, the highest price seen in over 8 weeks. Its weekly low was seen at $22.82/oz. In the last 3 months, the metal is up 3.49%.

Silver Price (5 days)

Source: GoldSilverPrice.eu

Platinum crosses the $1,000 level as its price jumps from $965/oz last Wednesday to $1,027/oz at the time of writing, translating to a 6.42% gain. This week, platinum’s weekly high was $1,028/oz, the highest price recorded in over 8 weeks. The weekly low was observed at $960/oz. On a 3 month basis, platinum prices are down -1.44%.

Palladium follows the pack as it too benefits from a strong Wednesday morning. This week, the metal’s value increased 4.38% as its price increased from Wednesday’s $1,918/oz to $2,002/oz today. In the last 7 days, the metal saw a high of $2,020/oz, the highest price in over 8 weeks. The weekly low was $1,860/oz. In the last 3 months, palladium is -0.99%.

Rhodium records its 13th consecutive week in the green as it reports a 1.68% increase from $11,900/oz to $12,100/oz. In the last 3 months, the metal is up 13.08% but it’s still down -58.98% from its peak in May 2021.

Geopolitical tensions in Eastern Europe and the Middle East have been driving commodity prices up. Precious metals have been on a strong uptrend since mid-December. Oil prices are currently at their 7 year high.

The Empire State Manufacturing Survey came in this week and results were extremely underwhelming. This month, economists predicted a reading of about 25. On Tuesday, the data showed -0.7, down from December’s 31.9. While inflation rose 7% in December, manufacturing in the state of New York has stalled. This data caused strong gains in the precious metals market.

The Omicron variant has caused much disruptive activity to the economy although fears and uncertainty have seemed to diminish over the last few weeks. The UK’s daily cases have dropped 50% week on week and hospitalization rates have remained low.

Unfortunately for the non-yielding gold and other precious metals, the US Treasury yields continue to reach yearly highs. The US 10 Year Treasury yield is currently at a 2 year high of 1.849%. This has moved money from the precious metals market into the bonds market.

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