Gold prices are down -1.00% as the metal loses out during today’s trading session. The yellow bullions prices decreased from Monday’s market open price of $1,795/oz to $1,777/oz at the time of writing. This week, the metal experienced a high of $1,810/oz and a low of $1,772/oz, the lowest price in over a week. On a 3 month basis, the metal is down -2.31%.
Gold Price (6 months)
Silver prices are a decent amount as the metal posts a weekly loss of -2.13%, with prices dropping from Monday’s price of $24.44/oz to today’s price of $23.92/oz. This week, silver experienced a high of $24.67/oz and a low of $23.71/oz, the lowest price in over a week. On a 6 month basis, silver prices are down a total of -9.56%.
Silver Price (6 months)
Platinum too suffers losses this week with loses amounting to -2.68% as its prices drop from Monday’s market open price of $1,044/oz to today’s price of $1,017/oz. The weekly high platinum recorded was $1,065/oz and the low was $1,005/oz. On a 6 month basis, platinum’s value is down -16.99%.
Platinum Price (6 months)
Palladium records a negative week as its value drops by -3.31%. It’s price per ounce this week decreased from Monday’s price of $2,026/oz to $1,959/oz at the time of writing. The weekly high was recorded at $2,070/oz and the low at $1,945/oz, the metal’s lowest price in 3 weeks. On a 6 month basis, the metal is down a massive -33.29%. This drop is likely due to the fact that palladium prices peaked immensely in Q1 and Q2 as some of the biggest palladium mines in Russia were shutdown back in May.
Rhodium prices breaks out from its 24 week loss period as it posts a small increase of 0.93% as its price increases from $10,800/oz to $10,900/oz. This increase is underwhelming considering it was losing 4-12% of its value for weeks prior to this. On a 6 month basis, the metal is down -62.37%.
Russian mining giant Nornickel is urging scientists to find novel uses for palladium. Currently, one of the main drivers for the metal’s price is its uses in diminishing vehicle emissions in order to be in compliance with current green standards. Although, with the move towards electric vehicle, palladium’s uses will be cut. Furthermore, the global chip shortage has slashed car production worldwide and hence has had a massive impact on Palladium’s demand.
Gold prices went down sharply on Friday (today) as US Personal Consumption Expenditure inflation data was released. The data showed a 4.4% increase YoY and a 0.3% increase since August. Although it has caused a dent in gold’s prices, this data released might benefit gold sooner rather than later. Constantly increasing inflation with weak GDP growth released this week has put forward the possibility of stagflation which has proved to be an ideal environment for gold to strive.