Gold prices this week see an increase of 1.13% as prices jump from last Wednesday’s market open price of $1,772/oz to $1,792/oz at the time of writing. In the last 7 days, the precious metal saw a high of $1,815/oz, its highest price in nearly 4 weeks. The metal’s weekly low was $1,761/oz at the end of last Wednesday’s trading session. In the last 3 months, the metal is up just 0.84%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver sees a healthy jump this week with prices increasing from $21.98/oz last Wednesday to today’s price of $22.65/oz. This increase translates to a 3.05% 7-day gain. This week, the metal’s high was recorded at $22.79/oz during Tuesday’s trading session. The weekly low was $21.48/oz, the metal’s lowest price in 1 year and 5 months. On a 3-month basis, the metal is up 1.66%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum, similarly to silver, sees its value increase 3.61%, increasing from $915/oz 7 days ago to $948/oz at the time of writing. In the last 7 days, the metal is currently at its weekly high of $948/oz. The low was recorded below the $900 level at $883/oz, which is the lowest price in 13 months. In the last 3 months, the metal is down -5.48%.
Palladium is up substantially this week as it posts a 13.91% gain in the last 7 days. The metal’s value increase from last Wednesday’s market open price of $1,625/oz to today’s price of $1,851/oz. This week, the industrial metal is currently priced at its weekly high of $1,851/oz. Palladium’s low was recorded at $1,535/oz, the lowest price in 21 months, nearly 2 years. On a 3 month basis, the metal is down -2.06%
Rhodium continues to slowly increase its price by recording another 1.74% increase this week as its price jumps from $11,500/oz last Wednesday to $11,700/oz today. Rhodium’s value has increased incrementally for the last 9 consecutive weeks. In the last 3 months, the metal is still down -19.31% and -42.22% in the last 6 months.
The global semiconductor chip shortage has had massive repercussions on industrial metals like Palladium, Platinum and Rhodium. The immense production cuts by automakers has caused the palladium industry to experience its first supply surplus in a decade. This week, palladium hit a nearly 2 year low and recovered very strongly by posting its near 14% weekly gain. Investment Bank Macquarie has stated they are bullish for palladium’s value to steadily increase with vehicle production slowly going back to its normal output as the global semiconductor chip shortage eases.
Gold prices struggle as there are no new catalysts to increase investments in the yellow metal. Furthermore, the uncertainty around the Omicron variant has kept investors away from placing any large bets in both the stock and commodities market. Despite the uncertainty, it seems that concerns about the variant are slowly fading and as a consequence, gold is losing its appeal as a safe haven investment.
