Live Metal Prices / oz
Gold: 1790.97 USD
Silver: 23.21 USD
Platinum: 971.50 USD
Palladium: 1760.00 USD
Rhodium: 11399.99 USD

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Market Update, October 27, 2021

Gold continues it’s somewhat steady recovery as it posts a 1.53% gain in the last 7 days. The yellow bullion’s prices increased from $1,768/oz last Wednesday to $1,795/oz at the time of writing. This week, the metal experienced a high of $1,814/oz, its highest price in over 7 weeks. The low this week was $1,767/oz. On a 3 month basis, gold’s value has finally passed into the positive range at 0.05% higher.

Gold Price (6 months)

Source: GoldSilverPrice.eu

Silver too makes a strong recovery with gains amounting to 2.33% as it sees its prices climb from last Wednesday’s market open price of $23.64/oz to today’s price of $24.19/oz. This week, the white metal experienced a high of $24.88/oz, the highest price in over 7 weeks. This is silver’s second attempt to break through the $24.88 resistance level without success. The low this week was $23.63/oz. On a 3 month basis, silver prices are down -4.01% compared to -14.92% at the end of September.

Silver Price (6 months)

Source: GoldSilverPrice.eu

Platinum suffers a different fate from the safe haven metals recording a -1.83% loss in value as it sees its prices decrease from last Wednesday’s market open price of $1,037/oz to $1,018/oz at the time of writing.  This week, platinum experienced a high of $1,079/oz its highest price in almost 13 weeks. The low was recorded at $1,013/oz. On a 3 month basis, the metal is down -4.05%.

Palladium loses out massively this week as it slips back past the $2,000 psychological support. The metal records a -6.00% loss as it sees its prices slip from $2,098/oz last Wednesday to $1,972/oz today. This week, palladium recorded a high of $2,123/oz and a low of $1,963/oz, the lowest price in almost 3 weeks. On a 3 month basis, the industrial metal is down -24.99%.

Rhodium finally cuts its 24 consecutive weeks of losses by posting a gain of 1.89% this week as its prices increase from $10,700/oz last Wednesday to $10,900/oz this Wednesday. The metal still remains down a massive -40.27% on a 3 month basis, and -61.89% on a 6 month basis.

The current stagflation indicators and global economic fears should send gold prices soaring but they aren’t. There’s a multitude of factors at play that is keeping gold’s growth to a minimum.

Risk appetite worldwide has grown massively with investors moving towards higher yielding assets and bonds. Interest rates and yields increased for US Treasuries which has moved a massive amount of cash from the non-yielding Gold market to the bond market.

The US Dollar has been gaining strength. In the last 3 months, the US Dollar Index (DXY) has increased 2.05% from 91.86 to 93.75, posing as obstacle for the dollar denominated gold.

All eyes are on the US Q3 GDP report which is due to release Thursday. Following the results, there might be a volatile trading session which investors should be wary about. This report might also help investors better guess when asset purchases will start to decline and consequently when interest hikes will start appearing.