Gold prices are down this week, having experienced a big fall during the Thursday trading session. The yellow bullion lost -1.90% of its value from its Monday market open price of $1,788/oz to today’s price of $1,754/oz. This week, the metal experienced a high of $1,810/oz and a low at the resistance line of $1,748/oz. On a quarterly basis, the precious metal is down -3.52% from $1,818/oz.
Gold Price (1 year)
Source: Tradingview (Comex)
Silver prices are down substantially this week as the white metal sees its prices freefall from $23.81/oz and market open on Monday to $22.51/oz at the time of writing. This decrease in value amounts to a -5.46% loss of value. This week, silver experienced a high of $23.99/oz and a low of $22.36/oz. This is the lowest price the metal has recorded in almost 14 months, back when the prices for the metal exploded 121.86% between March to August. On a quarterly basis, the white metal is down an immense -17.48%.
Silver Price (1 year)
Source: Tradingview (Comex)
Platinum went through a week of ups and downs but ultimately ends its week down from the Monday market opening price of $956/oz. Over the last 5 days, the metal lost -2.19% of its value and is now priced at $935/oz. This week, the metal experienced a high of $957/oz and a low of $920/oz. This is platinum’s lowest price in nearly 10 months. On a quarterly basis, the metal is down -16.96%.
Palladium fell a massive -7.03% in the span of 5 days. The metal, used to reduce vehicle emissions, dropped from its Monday market opening price of $2,134/oz to today’s $1,984/oz. This week, the industrial metal experienced a high of $2,155/oz and a low of $1,926/oz. This is the lowest price the metal has recorded in over 14 months. On a quarterly basis, the metal has lost -29.17%.
Rhodium scored its 19th consecutive week posting a negative change in its price. This week, the metal lost -6.15% in value as it sees its prices drop from $15,450/oz to $14,500/oz. In the last 3 months alone, the metal has dropped -36.26%.
The global semiconductor chip shortage has slashed precious metals prices immensely over the last few months. Palladium, Platinum and Rhodium are all metals used in car production, mainly to reduce vehicle emissions and meet regulation standards. Toyota has already announced the shutdown of 14 Japanese plants, cutting their production by 40%. Just this week, Skoda, part of the Volkswagen Group, announced it will shut down production in two domestic plants. All of these shutdowns are related to the massive semiconductor chip shortage. The demand for these precious metals, which reached sky-high prices in Q1-Q2 2021, is dropping quickly with the lack of demand from the automobile industry.
Gold investors remain very wary of the market at the moment and are looking out for clues as to when the pandemic era stimulus will end and the tapering will begin.