Live Metal Prices / oz
Gold: 1754.35 USD
Silver: 22.76 USD
Platinum: 924.50 USD
Palladium: 2027.50 USD
Rhodium: 20900.08 USD

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Weekly Metals Update, September 3, 2021

Gold prices remained relatively stable throughout the week from Monday to Thursday. The yellow bullion ultimately ends the week up thanks to a jump experienced during the Friday trading session. Gold prices increased from $1,821/oz at the market open on Monday and $1,831/oz at the time of writing. This week, the precious metal experienced a high of $1,836/oz and a low of $1,805/oz. Gold has recovered well in the second half of August as it posts a 7.07% increase in price from its August low. Ultimately, this inches gold closer to its Q2 2021 high prices. On a 3 month basis, gold remains -4.03% down.

Gold (3 months)

Source: Tradingview; COMEX

Silver is up a healthy 2.63% from Monday’s price of $24.14/oz to today’s $24.78/oz. Like gold, this gain was solely thanks to a jump in prices early in the Friday trading session. This week, silver experienced a high of $24.90/oz and a low of $23.79/oz. Since its substantial dip early August, silver prices have recovered well, resulting in a 6.90% increase in its prices. On a 3 month basis, silver lags -12.50%.

Platinum is up 1.19% from $1,007/oz to $1,019/oz at the time of writing. Just like many other precious metals this week, platinum experienced a large increase in its price during the Friday trading session. On a 3 month basis, platinum is down -14.73%.

Palladium prices this week were unique in their price fluctuations. Prices increased during the Monday trading session attempting to cross the $2,500/oz resistance multiple times but ultimately failing. During the Friday trading session, the increase in price was much less dramatic than the rest. This week, palladium prices are up just 0.21% from $2,411/oz to $2,416/oz at the time of writing.

Palladium price (5 DAYS)

Source: Trading view; NYMEX

The very poor data from Nonfarm payrolls (NFP is data that tracks the amount of new jobs added to the US economy) that came out this week were the main reason for the increases in prices in safe haven precious metals. NFP expectations for August were expected to be around 750,000 but instead came out to be 235,000. This drastic difference very likely caused the jump seen in the early Friday trading session. This big miss has made bullish investors push back their expectations of the US Federal Reserve’s pullback from its US$120 billion monthly asset purchases and its near-zero interest rates.

Furthermore, the continuing weakening of the US Dollar has been giving support for gold and precious metals alike. Weak economic data paired with sentiment that the US Fed won’t pullback its pandemic era stimulus so early, has exerted even more pressure on the US Dollar. In turn, this gives gold a nice hand up as it is a dollar-denominated commodity.

Precious metals bulls were pushed back by a decent spike in US 10 year Treasury yields. This prevented many bullish investors from placing large bets.