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Gold saw its value increase by 1.32% this week. Assisting its uptrend was Thursday’s trading session which saw gold prices increase 2.38%. This week, the yellow metal’s value increased from $1,734/oz at last Wednesday’s price to $1,757/oz at the time of writing. In the last 7 days, gold experienced a high of $1,770/oz and a low of $1,722/oz.
Gold (3 months)
Source: Tradingview; COMEX
Silver posts a 0.22% gain this week as it too benefits from a great intraday gain during the Thursday trading session. Since last Wednesday’s price of $22.49/oz, the price of the metal increased to $22.54/oz today. The 7-day high was recorded at $22.78/oz and the low at $21.43/oz, silver’s lowest price in 14.5 months. On a 3 month basis, the white metal is down -15.37%.
Silver (3 months)
Source: Tradingview; COMEX
Platinum prices add to their value as the metal price increases from $964/oz last Wednesday to $975/oz at the time of writing. This increase amounts to a 1.05% gain. This week, the metal experienced a high of $981/oz and a low of $941/oz. On a 3 month basis, platinum’s value is down -10.71%.
Palladium loses some value as it posts a -0.91% loss this week with its prices decreasing from $1,878/oz 7 days ago to $1,858/oz today. This week, the metal experienced a high of $1,921/oz and a low of $1,829/oz, this is the lowest price for the metal in 17 months. On a 3 month basis, palladium prices are down -33.57%.
Rhodium records its 22nd consecutive week of losses. This week the metal decreases its value by a substantial -14.02% from $13,550/oz to $11,650/oz. On a 3 month basis alone, rhodium is down -40.1% and -57.79% in the last 6 months.
The US Treasury bond yields have been increasing over the last few weeks with concerns arising about a possible default by the US Federal Reserve unless the debt ceiling is raised by Congress. Since the 20th of September, 10-year yields have increased from 1.313% to 1.516%. Traditionally bond yields going up will almost always drive away investments away from non-yielding gold.
The US Dollar Index (DXY), which matters a lot for gold as it is a dollar-denominated asset, increased greatly over the last 2 weeks from 92.55 to 94.32. This increase has been creating challenges for precious metals.
The past few weeks and especially this week, natural gas and oil prices rallied to extreme highs with crude oil jumping as much as 12.26%. This has caused concern for unsustainably high inflation and a collapse of the global economy. This sentiment was recognized by poor performance in both the stock and commodities market lately.
Rumors of the US Fed tapering its pandemic era stimulus continue to go on as the US Fed has yet to release any decisive information on when that will happen. Investors await the result from the US Nonfarm payrolls being released on Friday to see how the economy is faring.