Gold prices stayed relatively stable this week and remained within a small range of $35. The metal saw its value decrease by -0.17% as its prices dropped from Monday’s market open price of $1,784/oz to $1,781/oz at the time of writing. This week, the metal experienced a high of $1,793/oz and a weekly low at the resistance of $1,770/oz. On a 3 month basis, the metal is down just -0.89%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver saw a different outcome this week as its prices dropped -2.21% from Monday’s market open price of $22.61/oz to today’s price of $22.11/oz. This week, the metal, which started on its high, quickly fell to its weekly low of $21.82/oz during Friday’s trading session. This was the lowest price seen in over 10 weeks. In the last 3 months, the metal is down a total of -8.97%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
The Platinum price sees a trend very similar to gold this week as the metal posts a weekly loss amounting to -0.86% with its value dropping from Monday’s price of $934/oz to today’s price of $926/oz. This week, the industrial metal saw a weekly high of $961/oz and a low of $920/oz, the lowest recorded price in over 11 weeks. On a 3 month basis, the metal is down -2.63%.
Palladium prices also fell, as the metal posts a weekly loss of -3.08%. The metal’s prices decreased from Monday’s market price of $1,819/oz to today’s price of $1,763/oz. The weekly high was seen at $1,883/oz early in the week. The weekly low was recorded on Monday at a price of $1,751/oz. In the last 3 months, the metal is down a substantial -20.30%.
Rhodium’s prices increase another $100 for the 8th consecutive week posting a 0.88% gain as its value increases from $11,400/oz to $11,500/oz. The metal has yet to gain any significant recovery, and instead only inching less than a percent every week after falling -25.56% in the last 3 months and -45.75% in the last 6 months.
Gold prices rose slightly midweek and towards the end of the week as the US releases its worst CPI data in the last 39 years. The US CPI rose a further 0.8% in November for a total 6.8% increase year on year, the highest reading since 1982.
Furthermore, concerns around the omicron virus have helped support precious metal prices as investors find a safe haven to park their wealth during this time of uncertainty.
Despite these strong push factors, the metals have not been performing well simply because the US Dollar remains very strong, making it hard for the dollar-denominated gold to gain traction. As it currently stands, the US Dollar Index (DXY) is at 96.21, up 5.91% from 6 months ago. Also, the US Treasury yields remain consistently high continuously pulling money away from the non-yielding precious metals market into the bond market.
