Gold sees its value dip this week as it reports a -0.66% loss with its price dropping from last Wednesday’s market open price of $1,968/oz to $1,955/oz at the time of writing. In the last 7 days, the yellow bullion experienced a high of $2,001/oz, the highest price seen in nearly 6 weeks. The weekly low was $1,942/oz, the lowest price in almost 2 weeks. On a 3 month basis, the precious metal is up 6.19%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
The silver price is down this week as the metal experienced a drop in its value amounting to -1.49%. Its price dropped from last Wednesday’s market opening price of $25.57/oz to today’s price of $25.19/oz. This week, the white metal saw its value reach a high of $26.47/oz, the highest price in 6 weeks. The weekly low was $25.00/oz. In the last 3 months, silver’s value is up 4.16%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum managed to break through the $1,000 level this week as it saw its price jump from last Wednesday’s market open price of $968/oz to $984/oz at the time of writing, amounting to a 1.65% gain in value. In the last 7 days, platinum saw its price reach a high of $1,025/oz and started the week off its weekly low of $968/oz. On a 3 month basis, the industrial metal is down -3.72% and down a further -17.24% since its peak in early March.
Palladium’s value increased by 4.80% this week as it sees its price jump from last Wednesday’s market opening price of $2,331/oz to $2,443/oz at the time of writing. This week, palladium experienced a high of $2,466/oz. The weekly low was $2,303/oz. In the last 3 months, palladium’s value is still up 23.45% but down -26.79% since its peak in early March.
Rhodium’s price is down this week as it reports a -0.79% loss with its prices decreasing from last Wednesday’s market open price of $19,000/oz to today’s price of $18,850/oz. On a 3 month basis, rhodium’s price has increased 57.08%. It is down -15.09% since its peak early March.
Crude oil prices dropped substantially this week and consequentially, metals like gold and silver have been affected. Their value has dropped sharply following some 5 to 6 week highs experienced by both.
The US 10 year treasury yield has been increasing consistently over the last few weeks. In the last month, the yield has increased from 2.375% to 2.865%. This has caused an outflow of cash from the precious metals market and into the bond market.
Price volatility across markets continue as the Russia Ukraine war continues to rage on. There has been little progress in the peace talks and investor uncertainty continues to plague the stock and commodities market. Inflation is on the rise too and is posing as a obstacle for the stock and bond market.
