Gold prices benefitted from a steady climb this week, reporting a 1.83% gain in value as the metal sees its price increase from last Wednesday’s market open price of $1,800/oz to $1,833/oz at the time of writing. This week, the yellow bullion experienced a high of $1,837/oz, the highest price in 2 weeks. The weekly low was observed at $1,795/oz, shortly after market open last Wednesday. On a 3 month basis, the precious metal is up 0.49%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver too sees its price increase steadily throughout the last 7 days as it returns a 2.72% gain since last Wednesday’s market open price of $22.63/oz to today’s price of $23.25/oz. The weekly high was recorded at $23.35/oz and the weekly low was $22.06/oz. In the last 3 months, silver is down -5.12%
Silver Price (2 months)
Source: GoldSilverPrice.eu
The platinum price fell steadily in the second half of last week and made a very strong recovery this Monday. Overall, the platinum price for the past 7 days are up 0.58% as it sees its price increase from $1,028/oz to $1,034/oz at the time of writing. This week, the high was observed at $1,047/oz, shortly after market open and triggered a downtrend for the next 4 days. The weekly low was $1,004/oz, right before the price soared 3.19% intraday. On a 3 month basis, the metal is down -1.61%.
Palladium, after some very strong gains over the last few weeks, retreats -2.52% as its price decreased from last Wednesday’s market open price of $2,339/oz to today’s price of $2,280/oz. The weekly high for the metal was seen at $2,419/oz and the weekly low at $2,176/oz, the lowest price in 2 weeks. In the last 3 months, the metal is still up 11.22%.
Rhodium benefits from another substantial jump as it climbs 8.90% this week from $16,850/oz to today’s price of $18,350/oz. This is the 16th consecutive week rhodium returns a positive growth. In the last 3 months, the metal is up 66.82% but down -15.83% year on year.
The demand from auto makers has likely been the cause for the rise in prices for metals like platinum, palladium and rhodium. They are all metals used in catalytic converters, a system used to reduce vehicle emissions. As global car production starts increasing following the easing of the global semi-conductor chip crisis, it is normal to see an increased demand for these metals.
The very volatile start to 2022 saw the stock market take a sizeable dip. Throughout 2022, investors will look to invest their money into safer assets like gold and silver. One Wells Fargo analyst said that gold could be amongst the best performing assets of 2022.
The US 10 year yield continues to increase tremendously, putting a lot of pressure on gold prices. The 10 year yield is currently at 1.945%, higher than before COVID started. This is acting as a pull of cash from the gold market into the bond market.
