Gold continues its steady climb this week as it posts a 1.49% gain in value with its price increasing from Monday’s market open price of $1,810/oz to $1,837/oz at the time of writing. This week, the yellow bullion experienced a high of $1,843/oz, the highest price in slightly over 2 weeks. The weekly low was $1,809/oz. On a 3 month basis, gold prices are down -0.54%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
The silver price benefits from steady growth this week by reporting a 2.96% 5 day gain as it sees its price increase from Monday’s market open price of $22.61/oz to today’s price of $23.28/oz. Since Monday, the white metal observed a high of $23.73/oz, the highest price in a little over 2 weeks. The metal started at its weekly low. In the last 3 months, the silver price is down -5.56%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum prices are down -0.87% this week as the metal sees its price decrease from Monday’s $1,025/oz to today’s $1,016/oz. The weekly high was $1,057/oz, the highest price in over 2 weeks. The weekly low was $1,004/oz. In the last 3 months, platinum’s value has decreased -5.05%.
Palladium takes a tumble after strong gains in the last few weeks. Since Monday, the metal lost -4.70% of its value as its price decreases from $2,297/oz to $2,189/oz at the time of writing. This week, palladium saw a high of $2,331/oz and a low of $2,176/oz, the lowest in over 2 weeks. On a 3 month basis, the metal is up 8.04%.
Rhodium prices continue to climb tremendously. This week, the metal reports a 9.01% gain in its value as its price increases from Monday’s price of $16,925/oz to today’s price of $18,450/oz. In the last 3 months, the metal is up 67.73%.
The US 10 Year Treasury yield crosses the 2.00% line for the first time since 2019. The yield is currently at 2.052%, the highest rate in over 2 years and 6 months. This has acted as resistance for non yielding gold as it pulls cash out of the precious metals market and into the bond market.
At the end of last month, the US Dollar Index (DXY) started a downtrend following some strong gains. This dip benefits the dollar denominated commodity. In February alone, the DXY has dropped from 97.27 to 95.71, or a -1.63% decrease.
January inflation data came in exceeding analysts’ predictions. The USA is currently experiencing an annual inflation rate of 7.5%, the highest rates since 1982, 40 years ago. This may lead to a shocking interest rate hike in March that investors should be wary of. Bart Melek of TD Securities has said that gold’ not losing too much was an indicator that the gold market is not buying into the idea of an aggressive US Federal Reserve. Melek continues to say that “we are at this point trading 60% probability for a 50-basis point move in March”.
