Gold increased its value this week with a 3.07% gain. Its price jumped from last Wednesday’s market opening price of $1,923/oz to $1,981/oz at the time of writing. In the last 7 days, the yellow bullion experienced a high of $1,982/oz, the highest price seen in 1 month. The weekly low was $1,920/oz. On a 3 month basis, the precious metal is up 8.60%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver prices were up substantially this week as the metal experienced an increase in its value of 5.93%. Its value jumped from last Wednesday’s market opening price of $24.27/oz to today’s price of $25.71/oz. This week, the white metal saw its value reach a high of $25.78/oz, the highest price in nearly 3 weeks. The weekly low was $24.13/oz. In the last 3 months, silver’s value is up 11.06%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum failed to break through the $1,000 level this week as it saw its price jump from last Wednesday’s market opening price of $969/oz to $981/oz at the time of writing, amounting to a 1.24% gain in value. In the last 7 days, platinum saw its price reach a high of $996/oz and a weekly low of $944/oz. On a 3 month basis, the industrial metal is up just 0.62% and down -17.56% since its peak early March.
Palladium’s value increased by 4.29% this week as it saw its price jump from last Wednesday’s market opening price of $2,237/oz to $2,333/oz at the time of writing. This week, the Russian-exported metal experienced a high of $2,528/oz, the highest price observed in nearly 3 weeks. The weekly low was $2,166/oz. In the last 3 months, palladium’s value is still up 22.34% but down -30.11% since its peak early March.
Rhodium’s value is up just 1.06% this week as it sees its price increase from last Wednesday’s price of $18,900/oz to today’s price of $19,100/oz. On a 3 month basis, rhodium’s price has increased 60.50% and decreased -13.96% since its peak early March.
While governments worldwide are tightening their monetary policy and increasing their interest rates, inflation remains high and will continue to keep real interest rates relatively low. By consequence, there is still much upside for precious metals like gold to continue their uptrends. Some analysts believe that nominal interest rates may rise above 3% by the end of the year, up from 0.25% just a few months ago.
Inflation is still on the rise. The US CPI report that came out this week showed that inflation rose 8.5% year on year as inflationary pressure reaches a multi-decade high.
The peace talks between Russia and Ukraine have not made the strides they were hoping to make as Russia continues to launch attacks on Ukraine. The supply chain surrounding metals like palladium, platinum, gold and silver will remain very uncertain as the war continues to rage on.
