Gold’s value increased by 3.03% this week as its price jumped from last Wednesday’s market opening price of $1,945/oz to $2,004/oz at the time of writing. In the last 7 days, the yellow bullion experienced a high of $2,077/oz, which is a new, all-time high for gold. The weekly low was $1,917/oz. On a 3 month basis, the metal is up a substantial 12.21%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
The silver price increased this week by 3.91%. Its price jumped from last Wednesday’s market open price of $25.42/oz to today’s price of $26.42/oz. This week, the white metal reached a high of $27.46/oz, the highest price seen in nearly 9 months. The weekly low was $24.99/oz. In the last 3 months, the metal is up a healthy 17.90%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum’s value increased 5.48% this week as price per ounce rose from last Wednesday’s market open price of $1,058/oz to $1,116/oz. In the last 7 days, platinum reached a high of $1,193/oz, the highest price seen in over 9 months. The weekly low was $1,052/oz. On a 3 month basis, platinum’s value is up 17.10%.
Palladium increased massively this week with a 14.98% gain from $2,624/oz to today’s price of $3,017/oz. This is the first time the metal has crossed the $3,000 level. This week, palladium saw a high of $3,426/oz, the highest price in the metal’s history. The weekly low was $2,549/oz. In the last 3 months, the metal is up a huge 62.12%.
Rhodium prices are up 5.10% this week as the metal’s value increased from $19,600/oz 7 days ago to $20,600/oz at the time of writing. On a 3 month basis, the nitrogen oxide reducing metal is up a massive 80.70%.
The escalation of war in Ukraine by Russia has caused immense uncertainty worldwide. Stock markets and bond markets are moving with high volatility so money has been moving out of these markets and into the commodity market. Gold, often seen as a safe haven, has shot up to an all time high as fears of global war arises. Moreover, commodities coming out of Russia like palladium, platinum, rhodium, oil and wheat are rising exponentially; reaching all time highs.
The US 10 Year yield is currently at 1.904% up from 1.707% just 5 days ago, indicating strong volatility in the bond market. Although yields are increasing this week, the volatility and the possibility of it dropping quickly has drawn out money from the bond market and into the commodities market.
The US Dollar Index (DXY) reached a high of 99.42 this week, up from 95.49 just 1 month ago. Just like the bond market, the volatility in the FOREX market has been viewed as risky by some investors and hence it has not acted as much of an obstacle for gold prices to rise as it usually does.
