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Gold prices danced with the psychological $1,800/oz resistance all week as the price constantly dipped and then recovered. Overall, prices remain virtually unchanged as the yellow bullion sees its value drop from $1,809/oz last Wednesday to $1,806/oz at the time of writing.
GOLD PRICE (1 YEAR)
Source: Tradingview; COMEX
Silver prices traded up for most of last week’s second half and this week’s first half. The white metal lost -3.04% of its value during the July 27th trading session, where it dropped to $24.53/oz, erasing all of its gains. At the time of writing, the value of silver is currently recovering and priced at $24.87/oz. Overall, in the last 7 days, silver is down just -0.38% from $24.97/oz last Wednesday.
SILVER PRICE (1 YEAR)
Source: Tradingview; COMEX
Platinum prices suffered substantial losses on the July 23rd trading session amassing a -4.74% decrease in price. On a 1 week period, the industrial metal is down just -0.65% from $1,066/oz to $1,059/oz today, largely thanks to its gains late last week before the drop.
Palladium prices are down -0.65% as it sees its price decline from $2,637/oz last Wednesday to $2,618/oz today.
Rhodium continues its miserable Q2 as it records another -4.29% drop in value seeing its price per ounce decrease from $18,650 to $17,850. On a 3 month period, the metal is down a massive -39.49% and is currently priced at a 29 week low.
The US Dollar Index (DXY) showed a weakening US Dollar after weeks of strength. Despite a weakening DXY being great for bullish precious metal sentiment, commodities did not benefit much as COVID-19 fears arise in the form of increased cases in the Delta variant. China’s clampdown on technology firms also weighed heavy on the stock and commodity market performances this week.
As inflation climbs and gains momentum worldwide, the US Fed is keeping a very close eye and ready to pull the trigger on tapering its monthly $120 billion bond purchases and its near zero interest rate. The recent rise in the concerning delta variant may have eased concerns of tapering but bullish investors remain alert for potential changes.
Silver, platinum, palladium and rhodium are heavily used industrial metals. China’s industrial firms have recorded a profit growth slowdown for the fourth consecutive month in June as raw material prices reach unsustainable highs.
Lately, markets for silver have taken a heavy hit and analysts believe this could likely turn silver to a $24 level and with a potential price of $20 in the medium term. Although its financial values and workings are similar to gold’s, silver is heavily reliant on its industrial demand too, which is expected to rise thanks to advances in electric vehicles and sustainable movements worldwide. A strengthening US Dollar and a slowdown in global trade may pose a great threat to silver’s value. With COVID-19 cases on the rise, it is likely that Silver's price will remain much more volatile and sensitive to such worries compared to Gold.