Gold prices this week benefitted from a jump during the Wednesday trading session and corrected themselves during Friday’s trading session. Overall, the metal is up 0.80% from Monday’s market open price of $1,754/oz to today’s price of $1,768/oz. This week, the yellow bullion experienced a high above the $1,800 level at $1,801/oz, its highest price in 1 month. The low this week was $1,750/oz. On a 3 month basis, gold is down -3.17%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver enjoys a green week as it sees its value increase by 2.96%. The white metal’s price increased from Monday’s market open price of $22.60/oz to $23.27/oz at the time of writing. This week, silver experienced a high of $23.62/oz, the highest price in 1 month. The low was $22.38/oz. On a 3 month basis, the metal is down –11.52%, which is a good recovery from its fall to -18.25% at the end of September.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum is up substantially as its price increased from $1,021/oz on Monday to $1,060/oz today. This price increase amounts to a 3.82% gain in 5 days. This week, platinum experienced a high of $1,062/oz, the highest price in almost 11 weeks, and a low of $1,002/oz. On a 3 month basis, the metal is down just -5.86% and has bounced up from when it was down -20.42% at the end of September.
Platinum Price (2 months)
Source: GoldSilverPrice.eu
Palladium, unlike other precious metals, is down -2.12% this week as its prices decrease from Monday’s market open of $2,116/oz to today’s price of $2,071/oz. This week, the metal experienced a high of $2,200/oz, the highest price in over a month, and a low of $2,035/oz. On a 3 month basis, the metal is down a tremendous -26.43%.
Rhodium records a 23rd consecutive week of a downtrend as its posts a -9.01% loss in value this week from Monday’s price of $11,650/oz to today’s price of $10,600/oz. On a 3 month basis, the metal is down -44.36% and a massive -62.61% in the last 6 months. Rhodium shot up in value over the years as it is used to lower nitrogen oxide emissions in vehicles. With the current semiconductor chip shortage, the production of cars has been slashed. Furthermore, with the arrival of electric vehicles, there will soon be little use for Rhodium in the auto industry.
Gold and precious metals alike have benefited as the US CPI continues to increase and the US Federal Reserve considers a taper for its pandemic era stimulus. Gold faces challenges as US Treasury yields continue to rise and pull money out of the precious metals market, into the bonds market as precious metals like gold and silver are non-yielding. Another challenge has been the US Dollar that has been gaining strength making it hard for the dollar-denominated commodities.
