- Posted in: Precious Metals Reports
This weekly market report for precious metals saw light trading in advance of the holiday weekend. Gold remained nearly steady, but silver, platinum and palladium saw losses overall this week.
The dollar has been at a 14-year high, decreasing the demand for precious metals but this week is beginning to show some weakness as the U.S. dollar lost ground against the Japanese yen. CIBC predicts the dollar will end its bull run sometime in 2017.
In mining, workers at AngloGold, Guinea’s largest gold producer, have gone on strike. South Africa-based AngloGold produces about 300,000 ounces of gold in Guinea per year. The strike began after management failed to give the usual Christmas bonuses.
While gold prices have fallen, HSBC expects gold to hold steady at $1,100 per ounce. If it goes below this level, they predict a buying spree will return the prices higher again. The time to buy may be very near. Right now, it’s more important than ever to watch the precious metals market every day to make the best decisions about buying, selling or holding.
Gold started the week slightly up from last week at $1,135.30 on Tuesday, December 20. Early in the day, the price dropped to $1,126.90 before rebounding by Wednesday to $1,135.70. Another drop on Thursday the 22nd brought the price to $1,129, but by end of trading on Friday, it was back up to $1,133.50. The price held close to that level for the first part of Monday.
Tuesday started with silver prices at $15.96. The price rose through the day, reaching $16.15 by Wednesday. On Thursday, a downward trend started, but after prices fell to $15.75 on the 22nd and $15.68 on the 23rd, the price ended at $15.73 before the weekend started. Monday saw a slight dip before silver prices regained to 15.800 Monday.
Platinum Sees Losses This Week
Platinum saw overall losses this week, starting at $916 on Tuesday the 20th and closing on Monday at $889. The decline started early, with a drop to $901 early on Tuesday. The price corrected to $920, but fell again on the 21st to $908 and on the 22nd to $902, ending on the 23rd at $889. Early trading on Monday saw little change.
Palladium fell this week as well. The price started out on Tuesday the 20th at $672 but had already dropped ten dollars to $662 by close that day. On Wednesday, it fell to $654 and remained in the 650s to close for the weekend at $657. Early trading on Monday saw prices still holding in the 650s.
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