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Gold prices, after many multiple weeks of constant downtrend, experienced a slight price increase. The yellow bullion is up from $1,774/oz at the end of last week to $1,779/oz at the time of writing, representing a 0.28% gain in the past 7 days. The metal experienced a high of $1,790/oz and a low of $1,751/oz, the lowest price in 11 weeks. On a 1 month basis, the metal is down -6.42% from $2,795/oz.
Silver too experienced a slight uptrend this week as it regains its position above the $26 line. The price of the white bullion increased from $25.98 /oz last Friday to $26.15/oz today as it gained 0.62%. The metal experienced a high of $26.49/oz and a low of $25.71/oz. On a 1 month basis, Silver is down -6.42% from $27.95/oz.
Platinum is down very slightly this week after it dropped midweek and recovered at the end of the week. The metal experiences a total loss of -0.27% in the last 7 days as it sees its price drop from last Friday’s $1,093/oz to today’s $1,090/oz. During the week, the metal experienced a drop that brought it to its low of $1,050/oz. On a 1 month basis, the metal is down -8.55% from $1,193/oz.
Palladium is the biggest gainer this week as it records a substantial 4.42% gain, seeing its prices rise from $2,649/oz 7 days ago to $2,766/oz at the time of writing. The metal has been on a constant uptrend since its freefall on 17th June when it lost -10.83% in a single day. This week, the metal experienced a high of $2,798/oz and a low of $2,613/oz. On a 1 month basis, the metal is down -3.38%.
Rhodium is down -1.97% as it records another drop from $20,250/oz to $19,850/oz over the last 7 days. This is the metal’s lowest price in 22 weeks. On a monthly basis, the metal is down a massive -21.54%.
Strong economic data, vaccine optimism and US Federal Reserve announcements have sent Gold prices, and precious metals alike, down in the past few weeks.
The US ISM Manufacturing data for June is set to be announced soon. Despite the fact that it is likely to show a slow down in activity for the third consecutive month, it is still expected to render a very strong performance when compared to past results. The number is expected to hit 60.9 and the trend remains around the 53 level. This is down from the previous month of March when the data reached an astronomical 40-year high.
Moderna has announced its vaccine is effective against the Delta variant of COVID-19 which has been spreading faster and has been considered more deadly than previous variants.
The US Dollar Index (DXY) is up 0.78% this week from 91.85 to 92.57. On a 1 month basis, the DXY is up 2.29% from 90.50.
Gold Price (1 Year)
Source: Tradingview; COMEX