- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals saw gold and platinum fall, while silver and palladium gained ground.
The upcoming presentation by Fed chair Janet Yellen to Congress has raised new fears about gold prices. As consumer prices may be rising and interest rates be hiked again, the most common feeling is that gold will take a backseat to investments that yield interest. The presentation is due to take place this week.
Although gold prices are currently down, gold is still a stable investment over the long term. Buying gold while it is low is the best way to increase your gold holdings to take advantage of later highs.
Gold started the week at $1,234.10. On Wednesday, the price was at $1,232.40 before rising to $1,242.20 later in the day. Thursday, February 9 saw the price drop slightly to $1,241.00 and then follow a quick downward trend, reaching $1,224.00 by Friday. The price recovered to $1,232.90 before the weekend. However, Monday saw gold fall to $1,219.50 before beginning to rally late in the day.
On Tuesday, February 7, silver was sitting at $17.66. The price rose to $17.68 on Wednesday and to $17.71 on Thursday before declining over the day to $17.55. Before the weekend, the price of silver had regained to $17.93. When the market reopened, the price rose slightly to $17.97. During the day on Monday, the price fell to $17.79, although the overall week’s change was $01.13 to the positive.
The first of the market week saw platinum at $1008 on February 7, but the price fell to $1002 by end of day. On Wednesday, platinum began an upward trend, reaching $1016 later that day and peaking at $1023 on Thursday before falling to $992 on Friday. Platinum recovered to $1009 for the weekend break. When trading started again on Sunday, the price fell to $1004 and continued to fall on Monday, falling to $992.
Palladium gained $4 from Tuesday, February 7 to Monday, February 13 overall. The price started on Tuesday at $769 but fell to $757 before the 8th. That day, the price nearly recovered to Tuesday’s level, reaching $768 and climbing to $774 before Thursday. Friday saw a peak of $784, where the price remained until after the weekend. On the 13th, the price of palladium began to fall reaching $772 during the day.