The gold price is up a healthy amount over the last 7 days. This week, the yellow bullion increased its value by 2.41% as it sees its prices jump from last Wednesday’s market open price of $1,827/oz to $1,871/oz at the time of writing. Since last Wednesday, gold experienced a high of $1,881/oz, the highest price seen in over 13 weeks. The weekly low was recorded at $1,823/oz. On a 3 month basis, the metal is up just 0.32%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
The silver price is up 1.77% this week as it witnesses its price increase from last Wednesday’s price of $23.19/oz to today’s price of $23.60/oz. In the last 7 days, silver observed a weekly high of $24.01/oz, the highest price in a little over 3 weeks. The weekly low was $22.88/oz. In the last 3 months although, the metal is down -6.46%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum too increased its value in the last 7 days as it sees its price per ounce increase from $1,029 to $1,064. This jump resulted in a 3.40% gain in the metal’s value. This week, platinum saw its price reach a high of $1,068/oz, the highest price in nearly 13 weeks. The weekly low stooped to $1,007/oz. On a 3 month basis, the metal is down -3.10%.
Palladium managed to halt its downtrend after massive gains in the last few weeks. Since last Wednesday, palladium’s value increased 2.06% as its price increased from $2,230/oz to $2,276/oz at the time of writing. This week, the metal, heavily used in autocatalytic converters, observed a high of $2,387/oz and a weekly low of $2,176/oz, the lowest price in 3 weeks. In the last 3 months, the metal is up 5.61%.
Rhodium records a minor decrease in its value as it reports a -0.27% loss in the last 7 days from $18,650/oz to $18,000/oz. This drop is relatively insignificant considering the metal’s value jumped 51.67% in the last 4 weeks. On a 3 month basis, the metal is up a massive 63.96%.
Gold reached some highs this week as the US Federal Reserve meeting minutes were released showing that the Fed acknowledges the high rates of inflation currently happening in the United States. The minutes continued to urge that there is a need for tighter monetary policy. Unlike inflation in the 1970s, where gold’s price exploded, the inflation we’re currently experiencing is demand driven instead of supply driven. This change in stance by the US Fed is crucial for investors to know as it will influence market rate hikes in the near future.
Oil prices, platinum and palladium prices are increasing amidst the Russia Ukraine crisis. While the risk of an invasion stays ever present, Putin has acknowledged that an invasion would have catastrophic effects and repercussions. The risk of this invasion has driven the prices of Russian resources like oil, palladium, platinum and rhodium in the event that there is a supply shortage.
