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Gold prices this week fell another -1.49% from last Wednesday’s price of $1,805/oz to today’s price of $1,778/oz. This week, the metal experienced a high of $1,808/oz and a low of $1,744/oz, its lowest price in 6 weeks. On a quarterly basis, the yellow metal is down just -0.39%.
Gold Price (1 year)
Source: Tradingview; COMEX
Silver price took a substantial hit over the last 7 days as it sees its price drop from $23.86/oz last Wednesday to $22.95/oz at the time of writing. This loss amounts to a -3.83% decrease in value. This week, the white metal experienced a high of $23.99/oz and a low of $22.06/oz, the lowest price the metal has touched in 14 months. On a quarterly basis, silver prices are down -11.61%.
Silver Price (1 year)
Source: Tradingview; COMEX
Platinum benefitted from a massive jump during the first half of this week as it rebounds from dropping below the $900 level. This week, the metal increased its value from $933/oz to $1,006/oz at the time of writing. Since Monday alone, the industrial metal’s price rose 12.4%. Platinum is currently priced at its 7-day high and experienced a low of $895/oz, its first time dipping below the $900 level in over 10 months. On a quarterly basis, platinum’s value is down just -4.64% thanks to this week’s gain.
Platinum Price (3 months)
Source: Tradingview; NYMEX
Palladium too benefitted from a healthy jump seen in the first half of this week as it posts a 7-day gain of 3.05%. The vehicle emission-reducing metal saw its price jump from $1,968/oz last Wednesday to $2,028/oz today. This week, the metal experienced a high of $2,074/oz and a low of $1,833/oz, the lowest price the metal has seen in over 14 months. On a quarterly basis, palladium prices are still down a substantial -21.57%.
Rhodium prices suffered greatly this week as the metal posted a -12.29% loss seeing its price drop from $15,450/oz to $14,550/oz. This is the 20th consecutive week rhodium prices post a loss. The current price is the lowest the precious metal has seen in almost 11 weeks.
The US Federal Reserve’s taper announcement has become unavoidable and is now practically a certainty. This posed an obstacle for Gold and Silver this week. The FOMC meeting is set to take place today with information about tapering the COVID-19 stimulus along with the highly regarded dot plot which gives hints at what future interest rates will look like. This will affect the US Dollar (DXY), which, consequently, will affect dollar-denominated commodities like Gold.
Chinese property giant and largest “junk-bond” issuer Evergrande has received a lifeline from the CCP as it resolves one of its due payments along with the People’s Bank of China investing almost US$14 billion in the banking system to act as a support to markets.
Gold was unable to break through the $1,780/oz level with conviction, as the Bank of Japan keeps its policy on hold which caused an uptick in the greenback.