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Gold experienced a great rally on the trading session of the 23rd, increasing from $1,779/oz to $1,807/oz at market close. This rally amounted to a 1.57% day gain. The yellow bullion faced a correction the following day bringing it down to $1,785/oz. In the last 7 days, the precious metal has barely moved, posting a -0.11% decrease in its price from $1,787/oz last Wednesday to $1,785/oz at the time of writing. On a 3 month basis, gold prices are down -4.80% from $1,875/oz.
Gold price (3 months)
Source: Tradingview; COMEX
Silver ended last week in a downtrend, but a strong recovery at the start of this week brought it back up to its opening price last Wednesday. The white metal is up 0.30% from $23.64/oz 7 days ago to $23.72/oz today. Silver prices this week experienced a high of $23.96/oz and a low of $22.85/oz. On a 3 month basis, silver prices are down -9.57% from their mid-June price of $26.32/oz.
Silver price (3 months)
Source: Tradingview; COMEX
Platinum faced a similar fate to both silver and gold price fluctuations this past 7 days, recording a dip at the end of last week and a recovery at the start of this week, resulting in a relatively stagnant movement in prices week to week. The metal is down just -0.50% from last Wednesday’s price of $994/oz to today’s $989/oz. This week, the metal experienced a high above the $1,000 threshold at $1,018/oz and a low of $956/oz. On a 3 month basis, the metal is down -15.47%.
Palladium was consistent with the precious metals market’s trends as it followed the same movement, although it did not profit from as good a recovery as the other metals. The metal is down a further -2.60% from $2,499/oz 7 days ago to $2,434/oz at the time of writing. This week, the metal experienced a high of $2,536/oz right before dropping to its weekly low of $2,260/oz. On a 3 month basis, palladium is down -10.84%.
Rhodium crossed below the $17,000 line for the first time this year as it recorded another drop in its price from $17,050/oz to $16,250/oz. This dip amounts to a -4.69% loss in price. The cumulative loss for Rhodium in the last 3 months is -24.42%, and -44.91% in the last 4 months.
Most dollar-denominated commodities were hit this week as the US Dollar Index (DXY) halted its downtrend from its 9 month high. US 10 year treasury yields benefitted from a slight increase which helped the DXY correct its decreasing strength. Furthermore, investors are still very anxious as to when the US Fed will start pulling back its dovish monetary policy and its heavy monthly asset purchases. The next US Fed meeting is scheduled for September 21-22 which many investors will want to look out for. Gold and other precious metals alike suffered from these factors supporting the US Dollar and halting its decreasing prices.