Gold dipped slightly this week as it reached a more than one year high. The yellow bullion saw its value decrease by -1.26% as its prices dropped from Monday’s market open price of $1,909/oz to $1,885/oz at the time of writing. In the last 5 days, the precious metal reached a high of $1,975/oz, the highest price in over 13 months. The weekly low was seen at $1,885/oz. On a 3 month basis, the metal is up 5.25%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
The silver price decreased this week after a volatile trading period, reporting a -0.31% loss in value as its price dropped from Monday’s market opening price of $24.02/oz to today’s price of $23.94/oz. This week, the white metal saw its price reach a high of $25.64/oz, the highest price seen in nearly 5 weeks. The weekly low was observed at $23.71/oz. In the last 3 months, the metal is up 1.18%.
Silver Price (6 months)
Source: GoldSIlverPrice.eu
The platinum price is down -2.96% this week as it sees its price drop from Monday’s market opening price of $1,084/oz to $1,052/oz at the time of writing. In the last week, platinum reached a high of $1,130/oz, the highest price in over 7 months. The weekly low was recorded at $1,041/oz. On a 3 month basis, the metal is up 6.69%.
The palladium price is down -0.25% this week as the metal drops from Monday’s market opening price of $2,237/oz to today’s price of $2,361/oz. In the last 5 days, the industrial metal reached a high of $2,705/oz, the highest price the metal has seen in over 7 months. The low this week was seen at $2,302/oz. In the last 3 months, the metal is up 26.19%.
Rhodium increased 9.24% this week as its price jumped from $18,400 on Monday to $20,100/oz. This is the highest price the metal has recorded in 8 months. On a 3 month basis, the metal is up a massive 79.45%.
The geopolitical shock wave from the Ukraine-Russia conflict increased prices for safe-haven metals like silver and gold. The sanctions imposed afterwards also contributed to value gains as investors remain wary of global supply chain issues that may arise. However, it is supply chain issues that are pumping prices for vehicle manufacturing metals like platinum, palladium and rhodium. As the global semiconductor chip shortage eases and demand remains very high, a dip in supply from Russian mines would greatly impact the prices of the metals moving forward.
The US Dollar Index currently stands at 96.74 after it reached a high of 97.61 shortly after the invasion was announced. Increasing strength in the dollar will pose as an obstacle for the dollar-denominated gold commodity.
The US 10 year treasury yield is currently set at 1.997% after it passed the 2% level on February 16th. These increasing rates are pulling money away from the non-yielding safe-haven metals market and into the bond market.
