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Following a tumultuous week in US and global economics, precious metals commodity prices took a heavy hit as they react to the current environment.
Gold tumbles this week as it posts a -2.20% loss since last Wednesday. The yellow metal sees its price decline from $1,769/oz to $1,730/oz at the time of writing. In the last 7 days, the “safe haven” experienced a high of $1,784/oz and a low $1,728/oz, its lowest price in 7 weeks.
Gold Price (1 month)
Source: Tradingview; COMEX
Silver suffers a loss from its last Wednesday price of $22.50/oz to today’s price of $21.52/oz as it demonstrates a decrease of value amounting to -3.28%. This week, the metal experienced a high of $23.07/oz and a low of $21.46/oz, its lowest price in 14.5 months. Since its peak in early June, silver has lost a massive -23.53% of its value.
Silver Price (1 month)
Source: Tradingview; COMEX
Platinum prices have increased week to week by 4.29% after its prices dipped below the $800 level. Since last Wednesday, the price for the metal increased from $908/oz to $947/oz at the time of writing. Despite this growth, the industrial metal has seen a steady decline after last Thursday’s massive intraday gain. This week, the metal experienced a high of $1,008/oz and started last Wednesday on its low. In the last 3 months although, the metal is down -13.43%
Platinum Price (1 month)
Source: Tradingview; NYMEX
Palladium lost -2.55% of its value despite experiencing a similarly strong intraday gain Platinum last Thursday. The metal saw its value fall from $1,883/oz last Wednesday to $1,835/oz today. This week, the metal experienced a high of $2,060/oz and a low of $1,831/oz, the lowest price in nearly 17 months. On a 3 month basis, palladium prices are down a huge -31.48%.
Rhodium prices plummeted this week as the metal sees its price freefall from $14,500/oz last Wednesday to $12,600/oz today. This loss represents a drop in value of -13.10% in the span of 7 days alone. This also marks the 21st consecutive week rhodium prices are posting a loss. On a 3 month basis, the metal has suffered the most and is down -36.52% and down -52.00% in 6 months.
US Treasury yields have jumped to a 15-week high as US default risk increases. Janet Yellen from the US Fed has said in a statement that the US will default if the debt ceiling is not raised by Congress. The jump in US yields has caused great distress in the stock and commodities market with both markets posting massive losses this week.
The US Dollar Index (DXY) has consequently increased substantially posting gains of 2.07%. This has posed a great challenge for the dollar-denominated gold and precious metals.
The US Fed has talked about soon tapering its pandemic-era stimulus and that it will hedge inflation with monetary policies if high rates of inflation are sustained in the long term.