Gold experiences swings of highs and lows this week and ultimately ends its 7-day run from last Wednesday to today down just -0.16%. The yellow bullion saw its price decrease from $1,792/oz to $1,789/oz. This week, the high was recorded at $1,814/oz and the weekly low was $1,772/oz, the lowest price in 4 weeks. In the last 3 months, the metal currently stands -1.38%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver was not as lucky this week as its volatile week pointed downwards. The white metal reports a loss of -4.35% as it sees its prices drop from Wednesday’s market open price of $23.67/oz to $22.64/oz at the time of writing. The weekly high was $23.74/oz and the low was recorded at $22.56/oz, the lowest price in 7 weeks. On a 3 month basis, silver reports a -5.47% loss.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum experiences a similar pattern to Silver this week as it fails to break through past the $1,000 level. The industrial metal saw a -3.77% loss in its value as its prices decreased from Wednesday’s price of $981/oz to today’s price of $944/oz. The weekly high was $999/oz and quickly dropped following its failure to break through the resistance to its weekly low of $923/oz. This is the lowest price in a little over 11 weeks. In the last 3 months, the metal is down -6.53%.
Palladium suffered the most out of the 5 metals this week as its prices drop from Wednesday’s $1,865/oz to $1,729/oz at the time of writing demonstrating a substantial weekly loss in value of -7.29%. This week, the metal’s high was $1,909/oz and its low was $1,699/oz. This is the first time the metal dropped below the $1,700 level in 1 year and 8.5 months.
Rhodium is the only of the 5 metals to turn a positive change this week but still struggles to find any solid momentum to bring it to its Q1/Q2 prices. This week, the metal saw its prices climb from $11,200/oz to $11,400/oz, reporting a 1.79% increase in its value. In the last 3 months, the metal is still down -29.84% and -55.29% in the last 6 months.
Inflation is rising rapidly in major countries like the US, China, Germany, and many others. Economic recovery is also slowing down and this combination is making investors wary of what will happen next. The latest news concerning the Omicron variant has caused some countries to backpedal and shut down their borders for safety concerns. US Fed Chair Jerome Powell has stated that this raises uncertainty around inflation for the coming quarters. He has also called for the retirement of the use of the word 'transitory' when describing the recent high rates of inflation. Investors should look out for the US nonfarm payrolls and unemployment data that will release this Friday before making any bets on the precious metals market.
