Live Metal Prices / oz
Gold:
1783.71 USD
Silver:
22.54 USD
Platinum:
927.00 USD
Palladium:
1808.00 USD
Rhodium:
11399.99 USD

Gold Market Update, November 19, 2021

Gold prices dip slightly after some strong performing weeks. This week, the yellow metal records a decrease in its value -0.48% as it sees its value drop slightly from $1,869/oz at Monday’s market open to $1,860/oz at the time of writing. This week, the high was recorded at $1,879/oz, the highest price in 23 weeks. The weekly low was $1,851/oz. On a 3 month basis, gold’s value has risen a healthy 4.20%.

Gold Price (6 months)

Source: GoldSilverPrice.eu

Silver prices fall further this week as the metal’s value decreases -1.82% from Monday’s price of $25.43/oz to today’s price of $24.96/oz. The weekly high was seen at $25.48/oz, the highest recorded price in over 15 weeks. The weekly low was $24.78/oz. On a 3 month basis, the white metal has made great gains totaling 7.45%.

Silver Price (6 months)

Source: GoldSilverPrice.eu

Platinum prices dip substantially this week as the metal sees its price decrease from the week’s open price of $1,091/oz to $1,041/oz at the time of writing, representing a loss of -4.58%. Platinum’s high this week was recorded at $1,114/oz, the highest price in 18 weeks. The weekly low was $1,034/oz. In the last 3 months, platinum’s value has risen a healthy 5.26%.

Palladium also saw its value dip this week as the metal posts a -1.70% loss with its prices decreasing from Monday’s market open price of $2,114/oz to today’s current price of $2,078/oz. This week, the high was seen at $2,213/oz, the highest price in over 10 weeks. The low was $2,060/oz. In the last 3 months, the metal’s value remains down a substantial -14.20% as the metal struggles to recover the extraordinarily high prices it had in Q1 and Q2.

Rhodium increases its value by 0.90% this week as its price increases from $11,100/oz to $11,200/oz. In the last 6 months, the metal remains down a massive -60.28%.

Gold and silver prices continue to gain heavily from the inflation data that has come out in recent weeks. Even as US retail data released showed improvement in October, gold prices have remained stable near 5-month highs. In October, the data shows that retail sales increased 1.7% since September, greatly overperforming the expected 1.0% increase economists predicted. Year one year, retail sales are up 16.3%.

US Treasury yields in the last 2 weeks have made some strong gains which have pulled money out from non-yielding gold and silver. The increase in treasury yields has also caused the US Dollar to reach its highest level in well over a year. This has posed a great challenge for gold which is a dollar-denominated commodity.

Despite these challenges, the very present fear of stagflation has been acting as a major push for gold and hence why it’s been able to stand its ground. A 6.2% year-on-year CPI jump with RGDP increasing only 2% in Q3 2021 has made investors very wary that the stagflation of the 1970s might occur again.