Palladium prices are down substantially this week as the industrial metal corrects itself from last week’s recovery. This week, platinum’s value dropped by -10.81% with its prices decreasing from last Wednesday’s market open price of $2,517/oz to today’s price of $2,245/oz. In the last 7 days, the metal reached a high of $2,584/oz and a weekly low of $2,039/oz, the lowest recorded price in over 2 months. In the last 3 months, the metal is up 13.44% but down -32.68% from its peak earlier this month.
Palladium Price (6 months)
Source: GoldSilverPrice.eu
Platinum prices dipped below the $1,000 level for the first time in 2 weeks. This week, platinum’s value decreased by -2.44% as it sees its price drop from last Wednesday’s market open price of $1,024/oz to $999/oz at the time of writing. In the last 7 days, the metal reached a high of $1,038/oz and a weekly low of $957/oz, the lowest price recorded in 2 and a half months. On a 3 month basis, the metal is still up 3.31% but down -15.19% from its peak on March 10th.
Platinum Price (6 months)
Source: GoldSilverPrice.eu
Gold prices are up this week as the metal reports a 1.20% gain in value as its prices increased from last Wednesday’s market open price of $1,919/oz to today’s price of $1,942/oz. Since last Wednesday, the yellow metal reached a high of $1,966/oz and a weekly low of $1,889/oz, the lowest recorded price in nearly 5 weeks. On a 3 month basis, the metal is up 7.71%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
The silver price is up slightly this week as it sees its price increase from last Wednesday’s market opening price of $24.88/oz to $25.19/oz at the time of writing. This increase amounts to a gain in value of 1.25%. In the last 7 days, the white bullion saw its price reach a high of $26.14/oz, the highest price seen in 9 and half months. The weekly low was $24.09/oz, the lowest price in nearly 5 weeks. In the last 3 months, the metal is up 10.43%.
The rhodium price is up 1.07% this week as it sees its price increase from last Wednesday’s price of $18,700/oz to today’s price of $18,900/oz. On a 3 month basis, the metal is up a substantial 61.53%.
While Russian exported metals like Platinum and Palladium have shot up in value (and recently decreased in value), the fundamental supply concerns remain. As media attention starts to reduce coverage time for the Russian Ukraine war, we’ve seen investors cash out of their investments in Russian exports. Despite this, if the peace talks are not successful, the ever present supply chain risks will continue to weigh on these metals’ prices. The metals reached all time highs 2 weeks ago as the sanctions placed against Russia were putting immense pressure on the global supply chain. As of today, Moscow has vowed to reduce attacks on Ukraine and this progress in peace talks is the main catalyst for the prices dropping.
