Gold prices are up this week as the metal reports a 1.39% increase in its value with its prices increasing from Monday’s market open price of $1,793/oz to $1,818/oz at the time of writing. The yellow bullion’s weekly high was $1,828/oz as it fails to break through the $1,830 level. The weekly low was observed at $1,790/oz. In the last 3 months, the metal is up 1.56%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver too benefits from a positive week. Since Monday, the metal has increased its value by 2.37% as its prices jump from $22.38/oz to $22.91/oz at the time of writing. This week, the white metal experienced a high of $23.33/oz and a weekly low of $22.22/oz. On a 3 month basis, silver prices are up 1.73%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum prices increase by 1.47% as it sees its prices jump slightly from Monday’s market open price of $953/oz to today’s price of $967/oz. This week, the industrial metal observed a high of $982/oz and a weekly low of $922/oz, the lowest in nearly 4 weeks. In the last 3 months, the metal is -5.01%.
Palladium, contrary to other metals, suffered a red week as it saw its value drop from $1,921/oz on Monday to $1,873/oz at the time of writing; a -2.50% loss in value. This week, palladium saw its prices reach a high of $1,960/oz and a weekly low of $1,858/oz. On a 3 month basis, the palladium prices are down -10.68%.
Rhodium marks its 12th consecutive week of reporting a weekly gain. This week, the nitrogen oxide reducing metal reported a 0.84% gain as its price increased from $11,900/oz to $12,000/oz. In the last 3 months, the metal is up 3.44% and down -37.01% in the last 6 months.
US CPI data released this week showed a 7% rise in inflation year on year, the highest in 38 years. Despite inflation growth, retail sales for the month of December were down -1.9% when analysts expected a figure of -0.1%. The risk and possibility of stagflation remain present as data trickles in. Although, Global Head of thematic research at Deutsch Bank, Jim Read, believes that “There’s enough stimulus in the system to not worry about the ‘stag’ part of this equation for many quarters to come”.
The US Fed is likely to start interest rate hikes in March. This news has increased US Treasury yields to their highest in nearly 2 years. In the last month alone, the 10 Year Treasury yield has increased 24.95% to 1.758%. This has pulled money away from the non-yielding gold commodity and into the bond market.
Investors remain hands-off from placing any big bets currently as price direction remains uncertain. The stock market dipped in the last week in the news of interest rate hikes. Investors will be wary of any news coming out of the US Fed’s meetings.
