Live Metal Prices / oz
Gold: 1831.62 USD
Silver: 27.44 USD
Platinum: 1257.50 USD
Palladium: 2922.00 USD
Rhodium: 28700.15 USD

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Weekly Metals Update, 23 March, 2021

Precious metals have recovered their losses that happened in the second half of March. Gold prices this week recorded their third week returning a positive return since the start of April. The metal made relatively consistent gains and even neared the $1,800 level. Gold prices gained 2.53% this week from $1,738/oz to $1,782/oz and experienced highs of $1,798/oz. Silver too continues its continuous upward trend since the start of the month. The white metal gained 2.39% this week from $25.50/oz to $26.10/oz. Prices for Silver jumped to as high as $26.69/oz midweek. Platinum’s price this week ends at $1,212/oz representing a 7 day gain of 3.15% from $1,175/oz. Palladium experienced similar gains to Platinum increasing its prices 3.64% from $2,742/oz last Friday to $2,842/oz today. Midweek, Palladium reached its all-time high after jumping 4.7% during the Wednesday trading session to as high as $2,899/oz. Unlike the rest, Rhodium recorded a small loss this week. The extremely expensive metal ended the week 0.70% lower than last week. Rhodium prices currently stand at $28,400/oz.

Since the start of the week, it would seem bullish precious metal investors are back in charge and dictating the direction prices are currently taking. Gold prices have suffered a consistent downward trend for the entirety of Q1 2021. Prices were at their highest the first week of January at $1,960/oz and consistently dipped every week to their lowest on the last day of March at $1,680/oz. The main catalyst for this upward trend has been the weakening US Dollar, US Treasury yields, and uncertainty amongst economies due to the rapid rise in international COVID-19 cases. It is likely the bullish run will continue if treasury yields fail to find their upward momentum.

Gold Price (6 MONTHS)

Source: Tradingview; Gold Futures COMEX

A report from The Silver Institute released this week predicted that Silver prices could rise this year to as much as 33%. Silver is increasingly becoming a safe haven like Gold and even sometimes being preferred. The mint ratio (Gold to Silver) peaked at 127 in March 2020 which indicated a likelihood of Silver being undervalued. Furthermore, the metal is going to be increasingly in demand for industry use in renewable energy industries and electric vehicles. Because of its link to industrial use though, the demand for the white bullion dipped 10% during the pandemic, 5% being attributed to industrial demand. The prediction by the World Silver Survey shows optimism that Silver demand this year will increase by 15%.

Palladium hits a new all-time 1 year after hitting its previous high in February 2020. Palladium has been on a consistent upward trend since 2016 only suffering at the start of the COVID crisis in the first half of 2020. This is largely due because the market for palladium has been in a supply deficit for years while. Demand continues to rise as European and Chinese standards for vehicle emissions controls tighten. The metal is used in catalytic converters and is essential to meeting pollution standards.