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, October 23, 2021

Gold prices are up just 0.90% this week as the yellow bullion sees its price increase from $1,770/oz at Monday’s market open to $1,786/oz at the time of writing. During this week, the metal experienced a high on Friday morning amounting to $1,813/oz, the metal’s highest price in over 6 weeks. The low was recorded at $1,760/oz. As gold’s prices are slowly creeping up and recovering from its losses in the previous months, on a 3 month basis, the yellow bullion now stands just -0.77% lower.

Gold Price (2 months)

Source: GoldSilverPrice.eu

Silver continues its fiery October month as it records another substantial increase in its value. This week, the white metal sees its price climb from Monday’s market open price of $23.37/oz to today’s price of $24.33/oz. This increase amounts to a 4.09% gain. This week, the metal experienced a high at the resistance price of $24.88/oz, the higest price in over 6 weeks. The low this week was seen at the $23.09/oz level. Since the start of October, the white metal has climbed an impressive 10.34%.

Silver Price (2 months)

Source: GoldSilverPrice.eu

Platinum posts a volatile week on records and ultimately ends the week down -0.57% from its Market open price on Monday of $1,054/oz to Friday’s price of $1,048/oz. This week, the metal experienced a high of $1,080/oz, platinum’s highest price in 13 weeks. The low this week was $1,035/oz. On a 3 month basis, platinum has made a solid recovery and is now down just -2.78% compared to mid September when it was down as much as -16.88%.

Platinum Price (2 months)

Source: GoldSilverPrice.eu

Palladium suffers this week as it records a loss in value of -2.24% with its prices dropping from Monday’s price of $2,058/oz to today’s price of $2,021/oz. This week, the metal experienced a high of $2,122/oz, its highest recorded price in 6 weeks. The low was recorded at $1,981/oz. Although palladium has had a solid start to October, it is still much further down compared to its counterparts.. On a 3 month basis, the metal is down -24.50% and has recovered 8.75% since the start of October.

The Gold price seemed to have broken past the $1,800 level more confidently this time yet it falls back below again. Bulls will be looking for the price to push through the $1,820 level in the coming weeks.

US Treasury yields continue to climb, the 10 year treasury yield has increased from 1.33% to 1.64% in the last month alone. This has pulled investments out of the precious metal markets and into the bond market, making it harder for non yielding Gold and Silver to reach higher price levels.

Fears of current stagflation has reaffirmed Gold’s position as a safe haven investment to many. In many countries inflation is increasing at rapid rates yet economic recovery has slowed compared to previous months.

The US fed stills holds its hawkish stance and investors remain wary as to when interest rate hikes will occur.