Platinum’s value decreased -2.42% this week as it sees its price fall from Monday’s market open price of $1,031/oz to today’s price of $1,006/oz. Since Monday, the mainly Russian exported metal experienced a high of $1,048/oz and is currently priced at its weekly low. On a 3 month basis, platinum’s value is up 3.71%. Since its high in the first week of March, platinum is down -15.40% from $1,188/oz.
Platinum Price (6 months)
Source: GoldSilverPrice.eu
Palladium prices too are down this week as it reports a -4.43% loss in its value with its prices decreasing from Monday’s market open price of $2,485/oz to $2,375/oz at the time of writing. This week, the metal saw its price reach a high of $2,604/oz and is currently priced at its weekly low. In the last 3 months, the metal is up 21.73%. Since its high in the first week of March, the metal is down -28.03% from $3,303/oz.
Palladium Price (6 months)
Source: GoldSilverPrice.eu
Gold prices are up 1.82% this week as the metal sees its value increase from Monday’s market open price of $1,920/oz to $1,955/oz at the time of writing. This week, the yellow bullion saw its value reach a high of $1,966/oz and a weekly low of $1,912/oz. On a 3 month basis, gold prices are up 8.13%.
Silver prices recovered well this week by posting a gain its value of 2.27% as its prices increased from Monday’s market open price of $25.07/oz to today’s price of $25.64/oz. This week, the white metal experienced a high of $26.14/oz and a weekly low of $24.75/oz, the lowest price in 3 weeks. In the last 3 months, silver’s value is up 12.01%.
Rhodium prices are up slightly this week amounting to a 0.53% increase as it sees its price increase from $18,700/oz to $18,800/oz. On a 3 month basis, the metal is up 62.07%.
Palladium and platinum prices decreased this week after reaching all time highs following the invasion of Russia into Ukraine. As the war escalated quickly over the last few weeks, prices for Russian exports, including palladium and platinum, shot up immensely. This week, we see a dip likely due to the ongoing peace talks. If the conflict dies down, the security around the supply chain of Russian exports would ease pressures and likely decrease commodity prices.
As volatility increased in both commodity markets and the stock market, investors have moved to the bond market to hedge the risk surrounding the war between Russia and Ukraine. Since the start of march alone, the US 10 Year Treasury yield increased from 1.71% to a much higher 2.49%.
While there is still much uncertainty and risk surrounding global supply chains, especially linked to Russia and Ukraine, it may be wary for investors to hold off placing any large bets while peace talks are ongoing. These are times of high volatility and investors should be aware of the large risks that come with that.
