Gold’s price movement has seen a consistent downtrend in the last 7 days, shortly after reaching its all time high last week. Since last Wednesday, gold’s value dropped by -6.28% from $2,052/oz to $1,923/oz at the time of writing. In the last week, the yellow bullion experienced a high of $2,066/oz and a weekly low of $1,909/oz, the lowest price seen in slightly over 2 weeks. On a 3 month basis, the metal is still up 8.03%.
Gold Price (6 months)
Source: GoldSilverPrice.eu
Silver followed gold’s path this week as its value drops by -6.97% with its prices decreasing from last Wednesday’s market open price of $26.91/oz to today’s price of $25.03/oz. This week, the white metal saw a high of $27.38/oz and a weekly low of $24.77/oz, the lowest price observed in over 2 weeks. In the last 3 months, the metal is up 13.49%.
Silver Price (6 months)
Source: GoldSilverPrice.eu
Platinum suffered major losses by reporting a substantial -13.73% loss in its value as it sees its price drop from last Wednesday’s market open price of $1,173/oz to today’s price of $1,012/oz. In the last week, the industrial metal reached a high of $1,194/oz and a weekly low of $984/oz, the lowest price in 8 weeks. On a 3 month basis, the metal is 11.09%.
Palladium suffered the biggest losses this week, reporting a massive -23.74% loss in its value as it sees its price drop from last Wednesday’s market open price of $3,261/oz to $2,487/oz at the time of writing. In the last week, palladium saw its value reach a high of $3,288/oz and a low of $2,341/oz, the lowest price in nearly 3 weeks. In the last 3 months, the metal is still up a healthy 52.39%.
Rhodium also records a loss this week as its prices drop from $20,500/oz last Wednesday to $18,700/oz today. This drop amounts to a -8.78% loss in the metal’s value. On a 3 month basis although, the metal is still up 62.61%.
Last week, precious metals broke through all time highs and massive sell offs have since happened with investors wanting to cash out. Investors should look out for the US Fed’s interest rate decision coming up today to get a better understanding of the near term potential for precious metals. Currently, analysts believe that the US Fed would impose a 25 basis rate hike later today.
Precious metals weren’t alone in their price tumbles this week. Commodities like oil, wheat and other Russian exports have dipped heavily. By consequence, the stock market saw a green week thanks to economic and political pressures from foreign governments to call for a ceasefire between Russia and Ukraine. Furthermore, the PPI data released this week was lower than what analysts expected which pushes the idea that the Fed won’t be tightening their policy in the next few weeks. Still, the 25 basis point hike remains likely. If the chair, Jerome Powell decides to take this approach, it would be the first policy tightening since 2018.
