Gold prices see a healthy increase this week as the precious metal’s value gains 2.86%. The yellow bullion's price rose from Monday’s market open price of $1,817/oz to $1,869/oz at the time of writing. The weekly high was recorded at $1,870/oz, the highest price gold has seen in nearly 22 weeks. The low this week was $1,813/oz. On a 3-month basis, the yellow bullion’s value has increased 4.70% after being in a negative change state for a little over 2 months.
Gold Price (6 months)
Silver makes some major strides this week as the white metal sees its value increase significantly from its Monday market open price of $24.20/oz to today’s current price of $25.43/oz. This increase amounts to a substantial 5.08% gain. This week, the metal recorded its high at $25.46/oz, the highest price silver has recorded in over 14 weeks. The weekly low was noted at $24.10/oz. Over the span of the last 3 months, the white metal has recovered from its weak position and now posts a 8.51% gain.
Silver Price (6 months)
Platinum too gains immensely this week as the industrial metal posts a 5.50% gain in its value as it sees its prices rise from $1,036/oz on Monday to $1,093/oz at the time of writing. The weekly high was recorded at $1,098/oz, the highest price in nearly 17 weeks. The low occurred right after the market open on Monday as the metal dipped to $1,033/oz. The metal has made an excellent recovery since it dropped below the $1,000 level 3 months ago. It is currently up 8.23%.
Palladium benefits from this week's bullish precious metal market sentiment as the metal posts a weekly gain of 3.63% with its prices climbing from $2,038/oz on Monday to $2,112/oz today. Palladium’s weekly high was recorded at $2,122/oz, the highest price in nearly a month. The low was seen at $2,007/oz. Over the last 3 months, palladium has been unable to experience the same recoveries as precious metals. Currently, prices for this precious metal remain down -19.79%, and will likely remain so until vehicle production worldwide starts ramping up.
Rhodium is unable to find a great recovery as it increases its value by just 0.91% this week after falling about 60% in the last 6 months. This week, rhodium’s prices increased from $11,000/oz to $11,100/oz. This is the second consecutive week that rhodium outputs positive weekly gains.
The precious metals market increased and benefitted greatly from the poor US CPI data that was released. The data showed 6.2% YoY inflation for the month of October, the highest in 30 years. This soured market sentiment and moved cash towards safe-haven commodities like Gold & Silver.
However, this week precious metals saw a drop around Wednesday and Thursday as the US Dollar Index (DXY) rallied and saw an increase in US treasury yields. This caused a cash outflow for both Dollar-denominated, non-yielding gold and other metals alike.