The gold price is up slightly this week by reporting a 0.62% gain in its value. Its price increased from last Wednesday’s market opening price of $1,921/oz to $1,933/oz at the time of writing. In the last 7 days, the yellow precious metal saw its price reach a high of $1,954/oz and a weekly low of $1,919/oz. On a 3 month basis, gold’s value has increased by 6.91%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
The silver price dropped by -1.31% this week. The metal saw its price decrease from last Wednesday’s market opening price of $24.89/oz to today’s price of $24.57/oz. This week, the white metal saw its value reach a high of $25.27/oz and a weekly low of $24.22/oz. In the last 3 months, silver’s value has increased by 7.76%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
The platinum price is down this week as the metal reports a -3.65% loss in its value. Its price decreases from last Wednesday’s market opening price of $987/oz to $951/oz at the time of writing. In the last 7 days, the industrial metal reached a high of $1,007/oz and a weekly low of $950/oz, the lowest price in nearly 3 months. On a 3 month basis, the metal is down -3.25%.
Palladium, unlike its similar counterpart platinum, saw its price increase by 1.35% this week as its value increased from last Wednesday’s market opening price of $2,154/oz to today’s price of $2,183/oz. This week, palladium experienced a high of $2,344/oz and a weekly low of $2,169/oz. In the last 3 months, palladium’s value is up 17.56% but down -34.56% from its high early last Month.
Since last Wednesday, Rhodium’s value increased from $18,800/oz to $19,000/oz. On a 3 month basis, the metal is up a substantial 61.02%.
The volatility in the precious metals market has decreased in the last few weeks as the media coverage on the Russia Ukraine war has diminished.
The global supply chain of precious metals has been majorly affected by the Russia Ukraine war and some analysts believe that it will be years before the markets for these metals go back to normal. One indication of this is president Joe Biden has signed an executive order to enable the Defense Production Act which increases the supply of critical metals. The USA is also releasing 1 million barrels of oil per day for the next 6 months from the strategic reserves to combat high oil price from the sanctions placed on Russia.
Worldwide we’re seeing bond yields increase significantly to hedge against the risk of the markets. The US 10 Year Treasury yield has increased from 1.955% to 2.603% in 1 month alone. The increasing bond yields have been acting as pull factor for precious metals price as money has been leaving the precious metals market and into the bond market.
