- Posted in: Precious Metals Reports
In this Weekly Market Report for Precious Metals we see gains throughout the week, with a slight drop on Monday, Jan. 2, 2016, during minimal trading due to the New Year holiday.
The dollar index, which measures the dollar against a basket of six other major currencies, was up on Monday. The dollar reached 14-year highs in December thanks to market expectations that the Federal Reserve will raise interest rates one or two more times in 2017. Over this week, the dollar lost more than one percent. There was a surge toward the euro during low trading in Asia. Overall, the dollar finished the year with an almost four-percent annual rise.
Looking back on 2016, in the first half of the year, investors increased their holdings in gold. The Federal Reserve maintained a cautious tone on interest rates due to slow global growth and uncertainty including issues with Brexit. Gold hit a two-year high in July.
We began the week with Gold at $1139.75 per ounce and was up to $1145.90 on Thursday. On Friday, gold was up to $1159.10. It fell slightly on Monday due to the higher dollar index, ending at $1153.60. Gold has concluded 2016 up nine percent, ending the three-year streak of declines.
Silver started the week at $15.85 and was up to $16.06 on Thursday. By Friday, it was up to $16.24, and on Monday, silver fell back to $15.98, mostly due to low trading and the higher dollar. Silver ended 2016 about fifteen percent higher for the year.
Platinum began the week at $903.00. It was down slightly on Thursday, ending at $898.00. It was back up Friday to $907.00. Platinum ended Monday down slightly to $904.80. Platinum has gained over one percent in 2016, its first annual gain in four years.
Prices started the week at $671.00 and ended Thursday at $670.00. On Friday it was up to $676.00, and ended higher on Monday at $680.80. Palladium had the best performance overall for 2016, which ended the year up more than nineteen percent.
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