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Gold prices increased this week as the precious metal reports a 0.55% increase with its value increasing from last Wednesday’s market open price of $1,813/oz to today’s price of $1,823/oz. The yellow bullion’s weekly high was observed at $1,829/oz late in the Wednesday trading session. The weekly low was $1,782/oz. In the last 3 months, gold is up 3.93%.
Gold Price (2 months)
Silver prices dipped below the $22 level in the second half of last week and has made a strong recovery this week. Over the last 7 days, the metal has reported a 0.11% gain as its prices increase from Wednesday’s market open price of $23.08/oz to $23.11/oz at the time of writing. This week, the white metal experienced a high of $23.27/oz and a weekly low of $21.96/oz, marking the 3rd time the metal has dipped below the $22 level since July 2020. On a 3 month basis, the metal is up 2.32%
Silver Price (2 months)
Platinum too suffered a negative second half of last week but the metal has made a strong recovery in the first half of this week. In the last 7 days the metal has increased its value by 0.72% as its price increases from last Wednesday’s price of $970/oz to today’s price of $977/oz. This week, the industrial metal experienced a high of $1,002/oz and a weekly low of $920/oz. In the last 3 months, platinum’s value has decreased -2.79%.
Palladium prices are up 2.18% this week as the metal observes its price increase from $1,877/oz 7 days ago to $1,918/oz at the time of writing. This week, the metal saw a high of $1,960/oz and a weekly low of $1,830/oz. On a 3 month basis, the metal remains down -8.75%.
Rhodium reports its 12th consecutive weekly increase as the nitrogen oxide reducing metal sees its value increase from $11,800/oz to $12,000/oz amounting to a 1.69% gain. Despite consistent gains, the metal is far off its previous highs. In the last 3 months the metal is up 3.00% and down -37.01% in the last 6 months.
The US Fed’s upcoming interest rate hikes have created an uptrend in US Treasury bond yields which has acted as a pull factor on the non yielding gold. In the last month alone, the US 10 Year Treasury yield has increased a massive 19.49% from 1.457% to 1.741%, the highest it’s been in nearly 2 years.
Investors will look out for data on the upcoming US CPI which likely affect the dates on when asset tapering and interest rate hikes will take place. Current analysts place the inflation to be around 7.1% year on year.
As central banks move to tighten their monetary policies, investors will trade more cautiously in 2022 amidst rapidly rising inflation worldwide and possibility of stagflation.