Weekly Market Report for Precious Metals: November 22nd – 28th

In this week’s market report for precious metals, we see gold, silver and platinum down with palladium making gains. The U.S. dollar swung dramatically upward after the presidential election, causing pressure on the gold market. However, threats to the world economy became evident this week with the changes happening in the Italian government. Investor began moving toward bonds and gold toward the end of this period.

While the national optimism concerning currency may be associated with the perception that President-elect Trump’s experience in business will have a beneficial effect on the economy, it may also be a temporary effect. Trump’s actions after his January inauguration will be a stronger determinant in the prosperity of the U.S. and world economies.

The best solution may be to take a measured approach to precious metals until the market settles down, investing in precious metals at normal levels rather than increasing investments or on the other hand moving them into other markets. However, all four precious metals saw what might be the beginning of an uptick in prices on the 28th.

Gold

The London Fix price for gold on the 22nd was $1,217.55; by end of trading on the 28th, it was up to $1,187.00 for the week.  The live gold price in New York was down to $1,193 by close on the 28th.

Silver 

Silver stayed steady on London Fixed opening the week and closing the week at $16.6880. In New York’s live price chart on the 28th, silver was at $16.565 at close.

Platinum

Platinum lost this week in London, moving from $946 on the 22nd to $911 on the 28th. Platinum closed the 28th at $922.00 in New York.

Palladium

Palladium was up overall according to London, gaining from $738.00 on the 22nd to $749 on the 28th. Palladium has been a bright spot in the precious metals market over the last month, climbing to $755.00 on the 28th.

If you would like to learn more about the Precious Metals Market, or starting your own collection or investment, contact a GMRgold representative at (877) 795-9585 today or browse our amazing selection of gold, silver and platinum products right on GMRgold.com.