The gold price dropped below the $1,800 level this week after reaching its 10-week high on Monday. This week, the yellow bullion lost -2.67% of its value as it sees its price drop from Monday’s market open price of $1,834/oz to $1,785/oz at the time of writing. The weekly high was observed at $1,854/oz, the highest price in 10 weeks. Shortly after, prices dropped and reached a weekly low of $1,780/oz. On a 3 month basis, the precious metal is down -0.67%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver lost out substantially this week by reporting a -7.97% loss from Monday’s market open price of $24.29/oz to today’s price of $22.35/oz. The metal started the week at its weekly high but its price has since dropped to its weekly low price of $22.35/oz. In the last 3 months, the white metal is down -7.22%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
The platinum price dipped too as the industrial metal reports a -2.81% loss in value. This week, the metal’s price dropped from $1,030/oz on Monday to $1,001/oz today. The weekly high was observed at $1,062/oz, the highest price in 10 weeks. The weekly low was $992/oz. On a 3 month basis, the metal is down -1.08%.
Palladium continues its strong uptrend as the metal reports a 12.02% gain in value since Monday. This week, the metal increased its value from $2,097/oz to $2,349/oz at the time of writing. In the last 5 days, palladium experienced a high of $2,385/oz, the highest price in over 20 weeks. The low was seen at $2,084/oz on Monday, right after the market opened. In the last 3 months, palladium is up 20.09% and 51.84% since mid-December alone.
Rhodium jumps just 0.60% this week as it cools down after its 39.16% increase in value last week. This week, the metal increased its price from $16,700/oz to $16,800/oz. On a 3 month basis, the metal is up 53.21%.
Russia and South Africa are the two largest suppliers of palladium in the world. As tensions between Ukraine and Russia rise and the infrastructure and condition of the South African mining industry deteriorates, the uncertainty surrounding the 2022 supply of palladium has sent its price skyrocketing. Furthermore, the easing of the global semiconductor chip crisis is increasing demand for platinum, palladium, and rhodium, which is set to continue increasing drastically year on year. All three of these metals are used in vehicle production.
This week, the US data on Personal Consumption Expenditures (PCE) was released and, like CPI, it was the highest reading in 40 years. The gold and silver markets haven’t been able to find strong bullish trends due to these exceptional circumstances. One of the factors attributing to this is the rising yields on US treasuries. The increasing yields have been pulling money out of the non-yielding commodities market and into the bond market. In the last month alone, the US 10 Year Treasury note increased from 1.543% to 1.784%.
