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Gold prices fall this week reporting a -1.84% loss in value as prices fall from last Wednesday’s market open price of $1,795/oz to today’s price of $1,762/oz. This week, the yellow bullion experienced a high of $1,809/oz and the low was recorded at $1,761/oz, the lowest price in 3 weeks. On a 3 month basis, the safe haven metal is down -2.87% as it struggles to confidently pass the psychological $1,800 level.
Gold Price (6 months)
Silver prices drop significantly this week as the white metal sees its value decrease from $24.20/oz on Wednesday to $23.22/oz at the time of writing. This loss in value amounts to a -4.03% change. This week, silver experienced a high of $24.30/oz and a low of $23.06/oz, the lowest price in nearly 3 weeks. On a 3 month basis, the white metal continues to lag being down -8.49%.
Silver Price (6 months)
Platinum prices stay level with the opening price from last Wednesday as the metal records a -0.19% loss from $1,032/oz to $1,030/oz at the time of writing. Throughout the week, the metal has swung through lows near the $1,000 level before quickly recovering to higher prices. This week, the metal experienced a high of $1,069/oz and a low of $1,005/oz. On a 3 month basis, the metal is down just -1.90% thanks to a strong mid-September/October recovery.
Palladium, similarly, suffers tiny losses this week as it posts a -0.29% drop in value as its prices decrease from $2,003/oz to $1,997/oz. The high this week was recorded at $2,067/oz and the low was $1,946/oz. On a 3 month basis, the metal is still down a massive -25.43% largely part to the lack of recovery from the auto industry as of late. This figure will start to change once semi conductor chips are in abundance and vehicle production ramps up.
Rhodium prices increased after a 23 week loss record, although it comes back with a weak recovery of 1.85% as its prices gain value from $10,800/oz to $11,000/oz today. On a 6 month period, the nitrogen oxide reducing metal is down -62.71%.
The US Fed will release its statement today concerning its asset purchases. The hawkish sentiment from the Fed will likely result in a tapering of its asset purchases. The forward guidance has caused the most bearish movements in the markets in the last 3 months along with the possibility interest rate hikes. Investors will be on the lookout for the timing of these which will play a defining role in the short-term prices for gold and other precious metals.
The US Dollar has slowed in recent weeks. The US Dollar Index (DXY) has dipped slightly which has acted as a push factor the dollar denominated commodities such as gold.
The US treasury Yields have also taken hits recently dipping quite substantially. The 10 year yield dropped from 1.70% to 1.57% moving money back into the gold market. As interest rates rises, we usually see money leaving the non yielding gold and vice versa as interest rates decrease.