Live Metal Prices / oz
Gold: 1811.46 USD
Silver: 25.41 USD
Platinum: 1011.00 USD
Palladium: 2647.00 USD
Rhodium: 20900.08 USD

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Weekly Metals Update, June 11, 2021

Gold prices passed back above the $1,900 level as the metal made gains amounting to 1.54%. The yellow bullion moved up from $1,874/oz last Friday to $1,903/oz today. The precious metal experienced highs of $1,905/oz and lows of $1,861/oz. On a 3 month period, Gold prices are up a solid 10.33%.

Silver gained 2.32% in the past 7 days pushing back above the $28 level. The white metal ended last week at $27.52/oz and is priced $28.16/oz at the time of writing. Silver experienced highs of $28.20/oz and lows of $27.36/oz. On a 3 month period, Silver prices are up 7.62%.

Platinum continues its downtrend another -0.60% from $1,159/oz 7 days ago to $1,152/oz today. Platinum prices experienced highs of $1,178/oz and lows of $1,130/oz, the lowest price in 12 weeks. On a 3 month period, the metal is down -3.35%, and on a 1 month period, the metal is down -7.99%.

Palladium prices are down from $2,842/oz last Friday to $2,773/oz at the time of writing, demonstrating a -2.23% loss. On a 3 month period, the metal is still up 20.94% although in the last month it has lost 6.22%.

Rhodium is down another -7.23% this week extending its massive losses this month. The metal dropped further from $23,500/oz 7 days ago to $21,800 today. Over the last month, the metal is down 21.30%.

Gold Price (1 year)

Source: Tradingview; COMEX

Gold prices are up as Consumer Price Index (CPI) and Producer Price Index (PPI) data worldwide is being released. China has recorded a 9.0% PPI which is the highest level it has seen since the 2008 financial crisis. The US released a CPI of 5.0% YoY which is the largest annual increase in over a decade. As these metrics rise further than previously expected, investors worry about the potential rise in inflation. The US Fed has promised to keep interest rates low despite increased inflation as they are calling it “transitory inflation”, an inevitable outcome from the COVID-19 recovery period. Analysts believe it would take multiple consecutive strong CPI reports for the US Fed to be concerned.

Gold benefitted while the US Dollar Index (DXY) dipped as investors await the news coming out from the Federal Open Market Committee (FOMC) in the coming days.

Pushing gold prices upwards was the dip in US Treasury yields. In the last 7 days, the yields for the 10 year note dropped from 1.625% to 1.433% demonstrating a -11.82% loss. This is the lowest yield for the note in 12 weeks.

There have been great reports from the likes of the US; ISM Manufacturing MPI, ADP’s jobs report and unemployment claims have indicated a strong economic recovery in the US as they exceed expectations. As the Fed keeps its dovish stance on policy, investors remain weary as to when this might all come to an end.