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Gold prices rose for the 8th week hitting prices over the $1,900 price tag. The last time it was priced over $1,900 was 20 weeks ago in the first week of January when prices came crashing down. The yellow bullion this week made gains amounting to $1,876/oz last Friday to $1,899/oz at the time of writing. The precious metal experienced highs of $1,912/oz and lows of $1,874/oz.
Silver had an up and down week but ultimately ends the week 0.49% higher. Prices for the white metal went from $27.81/oz to $27.94/oz today. This week, Silver prices experienced highs of $28.32/oz and lows of $27.35/oz.
Platinum records a loss from $1,202/oz to $1,181/oz amounting to a decrease in price of -1.75%. The metal lost most of its value after a rapid drop Friday evening when the price dropped -3.40% in the space of 4 hours.
Palladium prices also took a slight tumble this week as it records a drop from $2,778/oz to $2,748/oz, amounting to a loss of -1.08%. This is the lowest prices have been since mid-April when Palladium prices was constantly breaking through all time highs.
Rhodium prices crashed this week. In a period of 7 days, the metal lost -17.75% of its value as prices dropped from $27,750/oz to $22,825/oz. Last time prices were this low was 10 weeks ago when prices were headed to an all time high that was recorded on March 23rd.
Gold prices have found confident upward momentum and have been continuously rising since the 1st of April. Since then, Gold prices have risen 12.77%. This consistent rise was largely thanks to a weakening US-Dollar Index (DXY), lower US treasury yields, and dovish stance taken by the US Federal Reserve, along with a promise to keep interests low. Since the start of April, the DXY has dropped from 93.30 to 90 in a -3.53% loss. Despite this, in the last week, the DXY has crept back into the 90s which might cause for a near term dip in Gold prices. The DXY dipped below 90 last week and this reversal might have triggered a turn towards upward momentum.
It is also important to note that, despite strong economic results released by the US Govt, the DXY has not recorded much change and nor did it make a significant retracement in Gold prices.
Gold Price (1 YEAR)
Source: Tradingview; Gold Futures COMEX
Rhodium crashed this week, and it might be because of a peculiar reason. Auto catalyst converter thefts have exponentially risen. Between 2019-2020 there was a 330% rise in thefts for catalyst converters, after industrial metals experienced a strong bullish run. Now, Palladium and Rhodium have both recently broken through all time highs and this has caused for theft to become a real issue. The unsustainably high prices have also caused some car manufacturers to close factories despite global demand for vehicles rising. In the meantime, global restrictions on vehicle emissions see no stop and continue to become stricter and stricter.