The palladium price is up healthily this week as it recovers from a sharp fall last Tuesday. Since last Wednesday’s market opening price of $2,419/oz, the metal has increased its value by 4.83% and is currently priced at $2,536/oz. In the last 7 days, palladium reached a high of $2,638/oz and a weekly low of $2,348/oz. On a 3 month basis, the metal is up a strong 37.30% although it is down -23.75% from its high of $3,326/oz early in March.
Palladium Price (6 months)
Source: GoldSilverPrice.eu
The platinum price is up strongly this week as the industrial metal recovers from a slight correction the weeks prior. This week, the metal increased its value by 4.46% as it sees its price jump from last Wednesday’s price of $986/oz to today’s price of $1,030/oz. In the last 7 days, the metal reached a high of $1,049/oz. In the last 3 months, the metal is up 6.96%.
Platinum Price (6 months)
Source: GoldSilverPrice.eu
Gold prices are up slightly after hitting an all time high just a week ago. This week, the metal’s value increased by 0.73% as it sees its price move from last Wednesday’s market open price of $1,919/oz to today’s price of $1,933/oz. In the last 7 days, the yellow bullion reached a high of $1,949/oz and a weekly low of $1,898/oz, the lowest price in 3 weeks. On a 3 month basis, the metal is up 7.09%
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver too is up slightly this week as it sees its value increase by 0.42% with its price increasing from last Wednesday’s market open price of $25.14/oz to $25.24/oz at the time of writing. This week, the white bullion saw its price reach a high of $25.74/oz and a weekly low of $24.65/oz, the lowest price in nearly 3 weeks. In the last 3 months, the metal is up 10.51%.
Rhodium is up 1.07% in the last week as it sees its price increase from last Wednesday’s price of $18,600/oz to today’s price of $18,800/oz. In the last 3 months, the metal is up 62.07%.
Investors worldwide have been looking at Russian export investments as they have been outperforming the markets by a long shot. The fears around the supply disruptions for exports coming out of Russia has been the main driver for these price increases. Currently, we’re seeing a drop in these prices due to the ongoing peace talks between Russia and Ukraine. With the possibilities of a ceasefire and lifting of sanctions, the risk perception of supply chain disruption has decreased and the effect was seen this week. Still, the status of the war remains extremely uncertain and it may be prudent to hold off before placing any large bets.
The stock market has been swinging with similar volatility to precious metals. Despite this effect usually dragging cash out of the precious metals market, we aren’t seeing this happening so much this time.
