Gold prices extend their month-long downward trend as prices for the yellow bullion dropped another -0.90% translating into a decrease in price from $1,778/oz last Wednesday to $1,762/oz at the time of writing. The metal experienced a high of $1,794/oz and a low of $1,751/oz, the lowest price in 11 weeks. On a monthly basis, Gold prices are down -7.55%.
Silver on the other hand finally records a positive week after weeks of losing value. The white metal experiences a slight gain from $25.84/oz 7 days ago to $25.91/oz today. This demonstrates a 0.29% increase in its prices. This week, Silver experienced a high of $26.32/oz and a low of $25.71/oz. On a monthly basis, Silver prices are down a total of -7.61%.
Platinum is down this week as it records a decrease from $1,070/oz last week to $1,067/oz at the time of writing demonstrating a -0.31% loss. This week, the metal experienced a high of $1,113/oz and a low of $1,059/oz. On a monthly basis, the metal is down -9.84%.
Palladium beats all other precious metals this week and records a massive gain during this bear market. The metal sees its prices increase from $2,551/oz to $2,689/oz in the span of 7 days. This translates to a 5.41% gain. The metal experienced a high of $2,699/oz on Monday and started the week on its low of $2,551/oz. On a monthly basis, the metal remains -5.05% down but has largely recovered since its free fall where the metal lost -10.99% during the June 17th trading session.
Rhodium ends the week, just like the last, as the biggest loser, recording a loss of -1.97%. The nitrogen oxide emission reducer saw its price drop from $20,250/oz to $19,850/oz. This is the first time the metal dips below the $20,000 level in 22 weeks. On a monthly basis, the metal is down a massive -22.15%.
This week, Gold prices continued to suffer the consequences of the announcements from the FOMC meeting, where the Fed promised to keep interest rates near zero and continue its purchase rate of $120 billion in bonds per month. To add worries to investors, the US PCE (Personal Consumption Expenditure price index) data, a way for the Fed to measure inflation, released some disappointing results. The index indicated a 3.4% increase YoY in May. This is the highest level experienced since 1992.
Current strong economic recovery and increasing inflationary pressures are keeping the Federal Reserve very close and prompting questions about when to start tightening the dovish monetary policy.
The US Dollar Index (DXY) continues to gain strength as the precious metal market losses out. On a monthly basis, the DXY is up 2.46% from 89.83 to 92.04.
Gold Price (1 year)
Source: Tradingview; COMEX