- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals February 28 to March 6 saw all four metals lower at the end of the week than they were at the beginning. Despite these drops in prices, gold has not lost its reputation as a safe haven investment and a hedge against inflation.
Safe Haven Investing Remains Strong Despite Drop in Prices
The dollar was stronger this week, partly due to an expectation that the Fed will raise interest rates later this month. Next Friday, the Department of Labor is set to release its U.S. employment report for February. When the report comes out, analysts believe it is possible that trading will heat up after a time of slow trading starting on March 6.
Sunday’s Disrupt Mining expo featured five finalists and 11 semifinalists presenting ideas for advanced mining technologies. As the industry goes high-tech, it will be interesting to see how the improvements affect the price of precious metals.
As always, precious metals offer a stable, lasting, tangible investment that tend to grow your assets over time. Even in the most uncertain times, people believe in the value of gold and silver in a way that goes far beyond their faith in paper currency.
Gold started on Tuesday, February 28 at $1,253.10. By Wednesday, the spot price dropped to $1,242.50. That same day saw a low of $1,237.40 and a high point of $1,249.30. A downward trend started, bringing prices down to $1,233.80 by the 3rd and to $1,223.60 before gaining back to $1,234.10 for the weekend. Early on the 5th, gold prices began to rise even further.
Starting at a respectable $18.29 on Tuesday, silver prices soon rose to $18.41 before falling back to $18.23 on the 1st of March. By midday, the price regained its position at $18.41. The spot price of silver remained at about the same level before falling to $17.71 on the 2nd. This precious metal ended for the weekend at $17.95.
For this market reporting period, platinum started on Tuesday at $1,029. On Wednesday the 1st of March, the price fell to $1,014 and then increased to $1,024. A downward trend started, with platinum falling to $983 on the 2nd. Before the weekend, though, the price regained to $996.
On Tuesday, the spot price of palladium was at $781, but later that day, it fell to $768 and remained at this lower level until the 1st of March. Thursday saw the price increase to $777 before dropping to $772 later that day. The price continued to fall, hitting a low mark of $756 before regaining to $766 before the weekend.