Gold prices increased towards the end of last week and fell sharply during Tuesday and Wednesday’s trading sessions. In the last 7 days, the yellow bullion increase its value by 0.17% as it sees its prices grow from Wednesday’s market open price of $1,812/oz to $1,815/oz at the time of writing. This week’s high was recorded at $1,853/oz, the highest price in nearly 10 weeks. The weekly low was observed at $1,809/oz. On a 3 month basis, gold prices are up 0.33%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver moved very similarly to gold this week as the white metal reports a 0.09% gain in value as its prices drop during the first half of this week. The metal is currently priced at $23.51/oz and reached a high of $24.74/oz on Thursday, the highest price in over 9 weeks. The weekly low was recorded at $23.43/oz. In the last 3 months, the metal is down -4.53%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum sees a strong increase this week as it confidently surpasses the $1,000 resistance level. This week, platinum prices soared from $976/oz during last Wednesday’s market open price to $1,032/oz at the time of writing. In the last 7 days, the metal reached a high of $1,062/oz, the highest price seen in nearly 10 weeks. The low was observed at $970/oz during last Wednesday’s trading session. On a 3 month basis, the industrial metal is down -2.55%.
Palladium wins big this week. The metal consistently increased its value throughout the week and reports a 22.91% weekly gain. In the last 7 days, investors saw palladium’s value increase from $1,890/oz last Wednesday to $2,323/oz. The weekly high was seen at $2,369/oz, the highest price in 20 weeks. The weekly low was $1,879/oz. Since mid-December, the metal has grown 49.77%.
Palladium Price (2 months)
Source: GoldSilverPrice.eu
Rhodium, after months of trailing, finally breaks through a massive week and reports for the first time in 14 weeks, a gain of more than 2%. This week, rhodium’s value increased a massive 40.83% from Wednesday’s price of $12,000/oz to today’s price of $16,900/oz. In the last 3 months, the metal is up 56.48%.
The US Fed meeting showed that interest rate hikes are likely to start in March. This news is positive for gold in the short term as investors were wary that the Fed might end QE abruptly. Despite this, gold has had trouble making any kind of strong consistent push as the US Dollar continues to grow stronger; it is currently around the 96 level on the US Dollar Index.
Russia and South Africa are the main producers of palladium. In South Africa, the president of Neptune Global has stated that South Africa’s infrastructure and power supplies are deteriorating rapidly thus leading to a negative impact on the mining industry and its output. Furthermore, the current Russo-Ukrainian tension has created fears that output might further be impacted.
