Gold’s value dipped slightly last week after it broke through its all-time high. The metal reported a -0.15% loss as its price dropped from Monday’s market opening price of $1,992/oz to $1,989/oz at the time of writing. This week, the metal experienced a high of $2,077/oz, its highest price of all time. The weekly low was $1,963/oz. On a 3 month basis, the metal is up 11.43%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver is up slightly with a 0.59% gain as its price increased from Monday’s market opening price of $26.18/oz to today’s price of $26.33/oz. In the last 5 days, the metal saw a high of $27.48/oz, the highest price in nearly 9 months. The weekly low was observed at $25.55/oz. In the last 3 months, the white metal is up a substantial 18.10%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
The platinum price is down after some previous weeks of strong gains. The metal lost -5.12% of its value since last Monday as it saw its price drop from $1,152/oz to $1,093/oz at the time of writing. The metal reached a weekly high of $1,194/oz, the highest price recorded in over 9 months. The weekly low was $1,067/oz. On a 3 month basis, the metal is up a strong 16.28%.
Palladium records a big dip of -9.44% as it sees its price drop from Monday’s market open price of $3,092/oz to today’s price of $2,800/oz. In the last 5 days, the industrial metal reached a high of $3,421/oz, the highest price ever recorded for the metal. The weekly low was $2,723/oz. In the last 3 months, the metal is up a massive 58.55%.
Rhodium’s value this week dipped substantially as it saw its price drop from Monday’s $22,200/oz to today’s price of $18,600/oz, amounting to a -16.21% loss. In the last 3 months, the rhodium price is up 63.16%.
As the sanctions against Russia continue to deal their strong blow, the insecurity revolving around the supply of precious metals coming from Russia has caused prices to soar. The main reason for most of the metal’s loss this week is likely due to a correction after reaching multiple all-time highs. Furthermore, as Russian whistleblower news and statistics are released, some analysts are worried that the sanctions and Russia’s position in the war may halt the supply chain of these commodities.
Although the US Dollar Index is soaring to nearly 2-year highs, the effect that it’s having on the precious metals market is not as significant as it usually would be. The uncertainty around the war and the possibility of global war are giving the safe-haven metal appeal of gold a bullish environment.
