The gold price rose consistently over this trading week as the metal sees a 2.07% gain. The price increased from Monday’s market open of $1,860/oz to $1,898/oz at the time of writing. This week, the yellow bullion saw its price reach a high of $1,904/oz. This is the first time the metal has crossed the $1,900 level in over 8 months. The weekly low was $1,847/oz. On a 3 month basis, the metal is up by 1.44%.
Gold Price (1 year)
Source: GoldSilverPrice.eu
The silver price is up 1.31% this week as its value increased from Monday’s market open of $23.64/oz to today’s price of $23.95/oz. This week, the white metal reached a high of $24.08/oz, its highest price in nearly 4 weeks. The weekly low was observed at $23.10/oz. In the last 3 months, silver’s value has decreased -4.49%.
Silver Price (1 year)
Source: GoldSilverPrice.eu
Platinum recorded a strong week with its value increasing by 5.23%. The metal’s price jumped from Monday’s market open price of $1,033/oz to $1,087/oz at the time of writing. The industrial metal reached a weekly high of $1,099/oz, the highest price in over 13 weeks. The weekly low was $1,007/oz. On a 3 month basis, the metal is up 2.07%.
Palladium, unlike other precious metals, is down this week as its price decreased from Monday’s $2,368/oz to today’s $2,331/oz, reporting a -1.56% loss. The weekly high was $2,414/oz and the weekly low was $2,189/oz. The metal remains up 23.99% month on month. In the last 3 months, the metal is up 5.81%.
Rhodium is up just 0.27% this week as its price increase from $18,350/oz to $18,400/oz. Rhodium is holding steady at its recovery levels after increasing its value by 53.33% month on month. On a 3 month basis, the nitrogen oxide reducing metal is up 65.76%.
On Thursday, the US warned of an ‘imminent’ Russian attack on the Ukraine border as tensions escalate. News of shelling sent by Ukraine furthered risk sentiment in the market. Currently, investors should be wary and pay special attention to the geopolitical tensions in the region before placing further bets on the commodities market. Although these events are gravely unfortunate, the risk sentiment has fortified gold as a safe haven investment as investors look for somewhere to park their wealth during these uncertain times.
Due to the conflict, gold prices have been able to enjoy an uptrend this week despite a hawkish stance from the US Fed and likely increasing interest rates and lowered monthly asset purchases.
The US 10 Year treasury yield continues to increase and has now reached 1.934%, the highest in over 2 years. This has been acting as a resistance for gold as money is leaving the non-yielding precious metals market and into the yielding bond market.
The US Dollar Index (DXY) dipped slightly after reaching a 20 month high of 97.27. It has since dipped back to 96.01, a good sign for the dollar denominated commodity.
