Gold prices report slight losses this week as the yellow bullion sees its price decrease from Monday’s market open price of $1,792/oz to $1,776/oz at the time of writing. This drop amounts to a -0.89% loss in value. This week, the precious metal experienced a high of $1,810/oz and a weekly low of $1,762/oz, the lowest price seen in over 4 weeks. In the last 3 months, gold prices have dipped a total of -2.63%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver experiences a vastly different week to its yellow bullion counterpart by reporting a loss of -4.17% as it sees its prices decrease from Monday’s price of $23.31/oz to today’s price of $22.34/oz. This week, the white metal recorded a high of $23.46/oz and a low of $22.07/oz, the lowest price in 9 weeks. On a 3 month basis, silver prices have decreased -9.85%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum sees a similar trend to silver as it reports a -4.63% loss with its prices decreasing from Monday’s market open price of $972/oz to $927/oz at the time of writing. This week, the metal experienced a high of $979/oz and a low of $921/oz, the lowest seen price in nearly 10 weeks. On a 3 month basis, the metal has seen its prices drop -7.20%.
Contrary to other precious metals, Palladium sees a green week with its value increasing 4.77% from Monday’s price of $1,718/oz to today’s price of $1,800/oz. This week, the metal saw a high of $1,850/oz and a low of $1,708/oz. In the last 3 months, the metal remains down a substantial -25.03%.
Rhodium prices continue its slow, creeping uptrend by posting a 0.88% gain in its value as its prices increase from $11,300/oz to $11,400/oz. On a 3 month basis although, the metal is still down -28.07% and -53.94% in the last 6 months.
Precious metals were affected this week as the US Nonfarm payrolls added a much lower than expected 210,000 jobs this November versus the expected 550,000. Despite these dismal numbers, the unemployment rate dips from 4.5% last month to 4.2%.
Another factor that pushed precious metal prices further down this week was the Fed Chair Jerome Powell's comments that they were looking into accelerating the tapering of asset purchases to counter inflation. Powell also called to retire the term transitory when referring to the current inflation hinting that these current rates of inflation are more permanent.
The current omicron variant has put massive pressures on the stock market as of late, as countries shut down their borders and raise restrictions, and investors remain wary of looking forward. Powell stated that the Fed should know more about the potential threat the Omicron variant poses to the economy by the next meeting. As of now, Powell has said that Omicron has yet to affect the economic outlook much. As times become more uncertain, some investors are turning to gold and silver as safe havens to park their wealth.
