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Gold prices creeped up at the end of last week, and the start of this week. The yellow bullion’s value increased from $1,760/oz last Wednesday to $1,785/oz at the time of writing. This increase amounts to a 1.42% gain in value. In the last 7 days, the metal experienced a high of $1,801/oz and a low of $1,759/oz. On a 3 month basis, the metal has recovered but remains down -1.70%.
Gold Price (2 months)
Silver made huge strides this week as it sees its price increase massively from $22.56/oz last Wednesday to $24.31/oz today positing a 7.73% increase in value. This week, the metal experienced a high of $24.41/oz and started last Wednesday on its weekly low. This is the highest price silver has experienced in 6 weeks. On a 3 month basis, the white metal has made a good recovery but remains down -3.21% compared to -14.48% at the start of October.
Silver Price (2 months)
Platinum sails comfortably past the $1,000 level as its prices increase 4.67% from last Wednesday’s price of $1,006/oz to today’s price of $1,053/oz. This week, the metal experienced a high of $1,062/oz, the highest price in nearly 12 weeks. On a 3 month basis, platinum is now down just -2.41%.
Palladium experiences a volatile week of ups and downs but ultimately ends with an increase in value of 1.42% as it sees its price increase from $2,043/oz 7 days ago to $2,072/oz at the time of writing. This week, the metal experienced a high of $2,200/oz, the highest price in almost 6 weeks. The low this week was below the $2,000 level at $1,985/oz. On a 3 month basis, palladium is down a massive -20.12%.
Rhodium posts its 24th consecutive week of losses. This week, the metal stumbles a further -7.30% as its prices drop from $11,650/oz last Wednesday to $10,800/oz today. On a 3 month basis, the metal is down -42.09% and -63.39% in the last 6 months alone. The movement towards electric vehicles and the global supply shock of semiconductor chips has led to a crash in demand for the metal.
There are many factors affecting the price of precious metals, and especially Gold. With the expectation that the US Federal Reserve will likely increase interest rates, the bond market has already started to adjust and as of late, the US Treasury yields have increased making the opportunity cost of holding gold higher as it is a non-yielding commodity.
On the other hand, the current stagflation situation (relatively high inflation with lesser economic improvement and worsening unemployment) has reaffirmed the status of Gold as a safe haven and acts a support for the yellow bullion.
The weakening USD to foreign currency has also acted as a support for gold this week as it is a dollar-denominated commodity. The US Dollar index (DXY) dropped from 94.52 to 93.59 demonstrating a loss of 0.98%.