Gold's value increased this week as it reported a 1.09% gain. Its price increased from Monday’s market opening price of $1,927/oz to $1,948/oz at the time of writing. Since Monday, the yellow bullion saw its price reach a high of $1,950/oz early during Friday’s trading session. The weekly low was recorded at $1,919/oz. On a 3 month basis, the metal is up 8.71%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
The silver price is up ever so slightly as the white metal sees its price increase from Monday’s market opening price of $24.73/oz to today’s price of $24.81/oz, amounting to a small 0.30% increase. This week, silver experienced a high of $25.11/oz and a weekly low of $24.23/oz. In the last 3 months, the white metal’s value has increased by 11.18%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum’s value continued its downtrend this week as it sees its price drop from Monday’s market opening price of $988/oz to today’s price of $972/oz amounting to a weekly loss of -1.62%. This week, the industrial metal reached a high of $1,001/oz and a weekly low of $944/oz, the lowest recorded price in nearly 3 months. On a 3 month basis, platinum’s value is up just 1.99% and down -18.25% since its peak on March 9th.
The palladium price is up healthily this week as the metal reports a 5.11% price increase from Monday’s market open price of $2,288/oz to $2,405/oz at the time of writing. Since Monday, the metal experienced a high of $2,454/oz, the highest price in 2 weeks. The weekly low was $2,166/oz. In the last 3 months, palladium’s value is up 25.13% and down -27.84% from its peak on the 7th of March.
Rhodium’s value is up by just 0.53% this week as it sees its price increase from $18,900/oz on Monday to $19,000/oz today. On a 3 month basis, the metal, found in autocatalytic converters, is up 61.02%.
The Russia Ukraine crisis continues to inflict high volatility in the bond, stock and commodities market. This week, the Central Bank of Russia cut their interest rates from 20% to 17% indicating recovery from the sanctions that were imposed last month. Furthermore, we are also seeing the ruble making solid recovery from its massive depreciation at the start of the war. Still, the Russia Ukraine peacetalks have not made much progress so far and Russia’s vow to scale back attacks was questioned when it invaded Bucha. This will keep the supply chain of Russian exports on a very delicate balance and there is still much place for Russian commodities to move.
The US 10 Year Treasury Yield has increased massively since the start of the war as investors look for places to park their wealth in this time of uncertainty. Currently, the 10 year yield is up from 1.948% 1 month ago to 2.711% today. This has been acting as an obstacle for gold’s upward trend as cash has been moving from the gold market and into the bond market.
