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Gold prices this week dropped from $1,900/oz last Friday to $1,872/oz today. This drop amounts to a -1.47% loss. The majority of the loss is a result of the yellow bullion’s drop during the Thursday trading session where the metal lost -2.25% of its value in the space of 24 hours. During this fall, Gold prices reached a high of $1,911/oz and a low of $1,868/oz.
Silver prices experienced a similar fall to Gold on Thursday. During the June 3rd trading session, the white metal dropped from $28.33/oz to $27.16/oz, representing a loss of -4.13%. Ultimately, Silver ends the week at $27.51/oz, -1.70% lower than last Friday when it was priced at $27.98/oz.
Platinum prices dropped during the Thursday trading session, which resulted in a loss of -3.85% from $1,196/oz to $1,150/oz. Overall, the metal is down -2.19% from last Friday and is currently priced at $1,156/oz.
Palladium did not suffer greatly on Thursday and is up slightly since last Friday. The metal was priced at $2,801/oz 7 days ago and has increased 1.35% to $2,839/oz. The metal experienced highs of $2,875/oz and lows of $2,798/oz.
Rhodium too experienced a slight increase week-to-week thanks to its 9.67% jump during the Monday trading session after it crashed nearly 20% the week before. On Thursday, Rhodium prices dropped -8.74% from $25,750/oz to $23,500/oz. All in all, prices for the metal are up 1.07% from $23,250/oz to $23,500/oz.
Prices dropped drastically Thursday as commodities reacted to the trio of positive economic data released by the US; ISM Manufacturing MPI, ADP’s jobs report and unemployment claims. All of these exceeded forecasts. As a result, the US Dollar Index grew significantly from 89.97 to 90.56, around the levels of mid-May. The next step is to wait for the Nonfarm Payroll which will be released soon and give a good idea of the level of employment. If once again the results exceed expectations, it is likely Gold will take another blow and dip further. Similarly, since the end of May, the US 10 year treasury note has been on a steady uptrend, another potential risk to further gold losses.
Silver negative reaction to this news shows it is still being traded more as a value asset than an industrial commodity. Its fundamentals as an industrial commodity should be enough to push it forward like Copper, Palladium and Rhodium. In the long run, it is very likely Silver will benefit from this. Silver is highly relevant to energy markets, as it is known as the “best conductor of energy”. Considering the exponentially quick move towards renewable energies, it is somewhat inevitable for Silver to react to its overpowering demand