Gold prices traded consistently above the $1,800 level this week as the metal returns a 1.05% gain since last Wednesday’s market open price of $1,805/oz to today’s price of $1,824/oz. This week, the yellow metal experienced a high of $1,832/oz, the highest price seen in over 6 weeks. The weekly low was recorded at $1,789/oz. In the last 3 months, the metal is up 3.40%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver is up very slightly this week as the white bullion experiences a volatile week of ups and downs. In the last 7 days, silver records a 0.52% gain as its price increases from $23.02/oz 7 days ago to $23.14/oz at the time of writing. This week, silver prices reached a high of $23.43/oz and a low of $22.62/oz. On a 3 month basis, the white metal is up 2.75%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum prices are up 2.05% as the metal attempts to break through the $1,000 level. This week, the metal’s price increased from $975/oz last Wednesday to $995/oz at the time of writing. In the last 7 days, platinum reached a high of $997/oz, the highest price seen in over 6 weeks. The weekly low was recorded at $928/oz. On a 3 month basis, the industrial metal is up 3.75%.
Palladium is down after demonstrating a very strong second half of December. This week, the metal lost -4.17% of its value as it sees its price drop from last Wednesday’s market open price of $1,989/oz to $1,906/oz today. The weekly high was recorded at $2,018/oz, the highest price in over 6 weeks. Quickly after that, the price dropped to its weekly low of $1,820/oz. In the last 3 months, palladium remains up 1.71%.
Rhodium continues its slow upward trend. For the 11th consecutive week, the metal reports a gain less than 2% (1.71%). This week, the metal increased its value from $11,700/oz to $11,900/oz. In the last 3 months, rhodium’s value has fallen -5.55% and -38.82% in the last 6 months.
Ahead of key US economic data being released later this week, gold’s prices increased thanks to the slight drop in US Treasury yields. The upcoming US Federal Reserve meeting will release job data and possible hints into when the interest rate hikes will take place. This has kept investors wary of where to put their money.
Earlier this week, the US 10 Year treasury yield rose substantially to its highest yield in a month. Gold still managed to deliver a strong comeback as Omicron cases worldwide surge. The US posted a record 1 million cases on January 4th.
Car production is slowly coming back to normal as global supply of semi conductor chips increases. Japan’s factory output soared 7.2% more than expected and increased 43% month on month in November. Japanese manufacturers believe output will continue to increase in January and for the months ahead. This strong data will likely cause an increase in Platinum, Palladium and Rhodium as they are all metals heavily used in car production.
