The gold price is up slightly this week as the yellow bullion reports a 1.26% increase in its value with its price jumping from last Wednesday’s market open price of $1,900/oz to $1,924/oz at the time of writing. In the last 7 days, the safe haven metal experienced a high of $1,975/oz, the highest price witnessed in 18 months. The weekly low was seen right after the weekly high at $1,885/oz. On a 3 month basis, the yellow bullion is up a healthy 8.15%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver records a larger increase in its value by reporting a 4.05% gain as it sees its price jump from last Wednesday’s market open price of $24.18/oz to today’s price of $25.16/oz. This week, the white metal saw its price reach a high of $25.65/oz, the highest price seen in 7 months. The weekly low was $23.92/oz. In the last 3 months, the metal is up a substantial 12.27%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum, unlike the safe haven metals, is down -1.11% this week as it sees its value drop from last Wednesday’s market open price of $1,079/oz to $1,067/oz at the time of writing. In the last 7 days, the industrial metal reached a high of $1,129/oz, the highest price in over 7 months. The weekly low was $1,035/oz. On a 3 month basis, the metal is up 14.24%.
Palladium continues its rapid, consistent rise as the war in Ukraine rages on. Russia is the world’s largest producer of palladium and this week, the metal saw its value increase by 11.81% with its prices leaping from last Wednesday’s market opening price of $2,346/oz to today’s price of $2,623/oz. The weekly high was $2,707/oz, the highest price in over 7 months. The weekly low was $2,325/oz. In the last 3 months, the metal is up a massive 49.86%.
Rhodium too continues its steady climb as it records a 5.07% gain. The metal’s price increased from $18,750/oz last Wednesday to $19,700/oz today. In the last 3 months, the metal is up a whopping 74.33%.
The Russian invasion of Ukraine has shot commodity prices, included precious metals, way up. Russia holds and exports a lot of these precious metals like palladium, platinum, rhodium and gold. The uncertainty revolving around the war has caused investors to park their wealth in safe haven metals like gold and silver. It also has created concerns around global supply of these metals as Russia is imposed with massive sanctions like the exclusion of the SWIFT system.
The recovering automobile production is continuing to increase demand for palladium, platinum, rhodium and silver. If supply is heavily affected and demand continues to grow, the value of these metals are likely to expect a strong boost.
The US 10 Year treasury yields have taken a hard hit; the yields dropped from mid February’s 2.000% to 1.639% yesterday and back up to 1.844%. This movement has caused cash to leave the bond market and into the commodity’s market.
