The gold price increased healthily over the last 7 days, reporting a 3.08% gain in its value as the metal’s price increased from last Wednesday’s market open price of $1,853/oz to $1,910/oz at the time of writing. The weekly high was recorded at $1,916/oz, the highest price in over 15 months! The weekly low was $1,852/oz. On a 3 month basis, the metal is up 5.58%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver too benefited from a green week as the metal increased its value by 5.32%. The white metal’s price increased from last Wednesday’s market open price of $23.31/oz to today’s price of $24.55/oz. In the last 7 days, silver reached a high of $24.57/oz, the highest price in nearly 5 weeks. The weekly low was $23.30/oz. In the last 3 months, the metal is up 1.03%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
The platinum price increased substantially this week with a 6.64% gain in value as its price increased from last Wednesday’s market open price of $1,024/oz to $1,092/oz at the time of writing. This week, platinum’s high reached the resistance level of $1,099/oz three times, the highest price in over 3 months. The weekly low was $1,021/oz. On a 3 month basis, the metal is up 6.95%.
Palladium scores yet another substantial gain in the last 7 days as it sees its value increase by 8.65%. This week, the industrial metal’s price increased from last Wednesday’s market opening price of $2,255/oz to $2,450/oz at the time of writing. Palladium is currently priced at its weekly high of $2,450/oz, the highest price in nearly 6 months. The weekly low was seen at $2,229/oz. In the last 3 months, the metal is up 24.05%.
Rhodium continues its strong growth with its value increasing by 4.14% since last Wednesday. The metal saw its price jump from $18,100/oz to $18,850/oz. On a 3 month basis, the metal is up a massive 68.30%.
The geopolitical tensions between Russia and NATO has led to an increase in prices of precious metals across the industry. On Tuesday, Russian troops entered Ukraine which caused an influx of money into safe haven metals like gold. Furthermore, palladium and platinum, precious metals mainly produced by Russia & South Africa have benefitted from huge price increases as the global supply is put at risk with Russia entering war-like situations and being hit with financial and trade sanctions.
The US 10 Year treasury yield dipped slightly over the last 7 days which could have also contributed to gold’s increase in value. As yielding bonds decrease in value, it is likely we will see money move towards non-yielding commodities moving quickly.
Investors should look out for sanctions that are being imposed on Russia. The first few have been considered mild and have not affected prices that much. The most significant move was Germany’s halting of a major gas pipeline. As the conflict gets better or worse, global supply chain and sanctions being imposed will dictate where the price will move.
