The gold price swung in the $1,740/oz to $1,780/oz range this week and ultimately ended the week priced at its Monday market open price of 1,761/oz. The yellow metal experienced a high of $1,781/oz and a low of $1,746/oz. On a 3 month basis, gold prices are down a total of -3.41%.
Gold Price (6 months)
Silver experienced similar price movements this week as the metal records a -0.50% loss, with its price decreasing from $22.75/oz at market open on Monday to $22.64/oz at the time of writing. This week, the metal experienced a high of $23.20/oz and a low of $22.25/oz. On a 3 month basis, the silver metal is down -12.89%.
Silver Price (6 months)
Platinum experienced a green week as the metal’s value increases by a healthy 4.80% from its Monday market open price of $979/oz to today’s price of $1,026/oz. This week the metal experienced a high of $1,036/oz and a low of $940/oz. On a 3 month basis, the metal is down a total -6.38%.
Palladium, similar to platinum, benefitted from a great week posting a 8.16% increase in price from $1,912/oz to today’s price of $2,068/oz. This week, the metal experienced a high of $2,074/oz and a low of $1,830/oz, the lowest price platinum has seen in nearly 17 months. On a 3 month basis, the metal is down -26.36%.
Rhodium sees its 22nd consecutive week posting a negative change. This week, the metal sees its price drop from $12,600/oz to $11,650/oz amounting to a loss of -7.54%. On a 3 month basis, the metal is down -40.10%.
Precious metals experienced great jumps on Friday as the US nonfarm payrolls showed yet another disappointing outcome. Economists predicted the numbers to hit around 490,000 yet the data released showed only 194,000 jobs were added the economy. These numbers might push the US Fed’s decision to taper further back seeing that recovery is not to par. Despite disappointing results, the US Bureau of Labor Statistics noted that unemployment dropped from August’s 5.2% to 4.8%, while economists predicted a drop to just 5.1%.
Investors will remain wary of when the US Fed will taper its pandemic era monetary policy. This setback will play a major role in determining when the US Fed will adjust its monetary policy.
The US Treasury yields, which have been acting as a challenge for the safe-haven precious metals like Gold and Silver, increased in the last 3 weeks. This increase has caused a movement of cash away from precious metals to the bonds market.
The US Dollar Index saw a recent increase too, posing as another obstacle for precious metals to overcome being dollar-denominated commodities.