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Gold prices dipped substantially this week as the metal’s value decreased from Wednesday’s market open price of $1,851/oz to today’s price of $1,784/oz. This loss amounted to a -3.62% dip in its value. This week, the metal experienced a high of $1,872/oz, the highest price in almost 24 weeks. Quickly after reaching that high, the metal plummeted to its weekly low of $1,779/oz. In the last 3 months, the yellow bullion’s value is down -1.16% following this week’s poor performance.
Gold Price (6 months)
Silver prices fell even further this week as the metal records a -5.47% loss with prices dropping from Wednesday’s price of $24.88/oz to $23.52/oz at the time of writing. This week the white metal experienced a high of $25.28/oz, the highest price in nearly 16 weeks. Silver’s value quickly dropped after reaching that high to its weekly low of $23.28/oz. On a 3 month basis, the metal is virtually on par demonstrating a mere -0.21% change.
Silver Price (6 months)
Platinum loses out massively this week as its prices drop from $1,070/oz last Wednesday to $979/oz today. This dip amounts to a -8.50% loss in value. This week, the industrial metal saw a high of $1,080/oz, the highest price in 16 weeks. Following the recurring pattern, the metal immediately experienced its weekly low of $963/oz after hitting its peak. On a 3 month basis, platinum’s value dipped slightly to -3.26% after this week’s losses.
Palladium comes out as the biggest loser this week as the metal’s value plunges -14.55% with its prices decreasing from $2,164/oz last Wednesday to $1,849/oz at the time of writing, nearing the lowest price seen in more than 18 months. This week, the metal experienced a high of $2,215/oz, the highest price in almost 11 weeks. In the last 3 months, palladium’s value has gone down -23.02%, as this week wipes out any form of progress made in the last few weeks.
Rhodium prices are up 1.80% as the metal’s prices increase from $11,100/oz last Wednesday to $11,300/oz today. On a 3 month basis, the metal remains down -32.13% and -55.69% in the last 6 months.
Economists believe that the re-appointment of Jerome Powell as Fed Chairman along with Vice-Chair Lael Brainard is set to create a bullish environment for gold to strive in as both Powell and Brainard are very dovish in their strategy and decisions.
US 10 year treasury yields continued to gain this week pulling more cash out of the non-yielding gold into the treasury market. Yields this week increased from 1.58% to 1.66%. Another factor that caused resistance against gold this week by consequence of increasing yields was the US Dollar. This week, the US Dollar Index (DXY) reached its highest level in over 16 months and is currently at 96.87, up 1.08% in just 7 days.