Prices for Gold continue to rise for the 8th consecutive week, where this week it passed the $1,900 level for the first time since the start of January. The yellow bullion this week made gains from $1,869/oz to $1,906/oz at the time of writing translating to an increase of 1.98%. The metal experienced lows of $1,853/oz this week and highs of $1,910/oz.
Silver made slight losses this week as its price dips from $28.23/oz last Wednesday to $28.15/oz 7 days later, amounting to a loss of -0.30%. During the week, the metal experienced lows of $27.30/oz and started the week off a high.
Platinum records another declining week marking a decrease in price for the last 2 weeks. The metal records a loss of -1.79% from $1,223/oz 7 days ago to $1,201/oz at the time of writing. The metal experienced lows of $1,162/oz, the lowest since mid-April and highs of $1,212/oz.
Palladium too records another week of decline following its all time high at the start of the month. This week, the metal is down -2.75% from $2,870/oz last week to $2,791/oz today. The metal started off on a high and went as low as $2,729/oz on Monday.
Rhodium crashed this week losing a tremendous -19.86% of its value. Prices dropped from $28,200/oz to $22,600/oz. This is the lowest price for the metal since the middle of February, 14 weeks ago.
The US-Dollar Index (DXY) remains below 90 this week and as a result has given way to Gold prices to continue their upward momentum. Furthermore, there seems to be a slight loss in correlation between economic performance and the effect on Gold and the DXY. Lately, the economic data released by the US Government has shown confident numbers in recovery, yet it has failed to push the DXY much higher and did not provide any important retracement in Gold prices. Currently, the US Federal Reserve is maintaining a dovish stance and has promised to keep interest rates low. It is not worried about inflation as it is calling the upcoming inflation “transitory”.
Gold Price (5 days)
Source: Tradingview; Gold Futures, COMEX
Rhodium prices crashed this week following its unsustainably high price that has led to unexpected problems. The metal, which is used in auto catalytic converters in cars to reduce Nitrogen Oxide emissions, is so valuable and expensive that its given way for an explosive increase in theft. From 2019 to 2020, there was nearly a 330% increase in catalytic converter theft following the first spike in prices in Palladium, Platinum and Rhodium. As of late, it can be presumed these thefts have grown even larger in numbers as Palladium and Rhodium hit their all-time highs in the last few weeks. Furthermore, these incredibly high prices have caused car manufacturers to close factories even though demand is rising.