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Gold prices confidently pass through the $1,800 level this week as the yellow bullion’s value gains 3.86% with its prices increasing from last Wednesday’s market open price of $1,787/oz to today’s $1,856/oz. During this 7 day period, the metal experienced a high of $1,868/oz, its highest price in 21 weeks. The recorded low was $1,762/oz. On a 3 month basis, gold prices are finally up and by quite a margin; 6.91%.
Gold Price (6 months)
The silver price records a substantial gain in its value this week as its price increased from $23.57/oz last Wednesday to $24.95/oz at the time of writing. This amounts to a 5.85% gain in the span of 7 days. This week, the white metal experienced a high of $25.18/oz, the metal’s highest price in nearly 14 weeks. The low was recorded at $23.07/oz. On a 3 month basis, silver prices are also finally in the positive with a 5.76% increase.
Silver Price (6 months)
Platinum prices are up 4.53% this week as the industrial metal sees its prices rise from Wednesday’s market open price of $1,038/oz to today’s price of $1,085/oz. This week, the metal experienced a high of $1,098/oz, the highest recorded price in over 16 weeks. The weekly low was $1,022/oz. On a 3 month basis, the metal is up a substantial 11.28%.
Palladium fails to find traction like the other precious metals this week. The metal reports a small 0.79% jump in its value as it sees its prices rise from $2,013/oz last Wednesday to $2,029/oz at the time of writing. The metal continues to struggle as vehicle production is still much below its previous levels. This week, the metal experienced a high of $2,104/oz and a low of $1,979/oz. On a 3 month basis, palladium is still down a massive -22.20%.
Rhodium has remained relatively stable over the last 2 weeks as it records a 0.92% increase in its value this week from $10,900/oz to $11,000/oz. Considering the metal’s massive downfall, this slow, weak recovery is concerning for the metal. On a 3 month basis, the metal is down -36.96%, and -60.36% on a 6-month basis.
Gold and other precious metals edge much higher this week thanks to much higher than expected US CPI inflation data. The US CPI saw a jump of 6.2% YoY in October which is the biggest inflation surge in over 30 years. This news sent gold along with other precious metals to multi-month highs as investors find a safe haven to park their wealth during this time of uncertainty. With this data, the possibility of stagflation is becoming more and more threatening which will heavily impact how the market moves and likely move gold prices higher.
Furthermore, the tapering of asset purchases along with weakening market sentiment has caused Treasury yields to stoop to their lowest levels in 6 weeks at around 1.46%. This caused cash to move back towards precious metals.