Last week gold started out at $1090 per ounce. It gained steadily all week and ended at $1103.70 on Monday, January 25th. This is a strong increase over the end of last year. As other markets decline, gold prices always increase, as it is considered a safe investment. We have seen an increase in purchasing over the last couple weeks. This is good for gold and the trend of steady gains is likely to continue. We will not see sharp increases unless there are major downturns in other markets, which seems unlikely.
Silver started last week at $13.88 per ounce. On Monday silver ended at $14.22 per ounce. Silver is following the same trend as gold, it is considered a safe investment. Prices are still relatively low overall so increased investing is expected to continue.
Platinum had a good rally this week. It started at $826 per ounce and ended at $860 per ounce. This is a very positive 4% increase, especially considering that it hit a seven-year-low last week. There was a fire over the weekend in South Africa, “The fire generated some buying and then it went through the $850 level and generated more buying,” said Giovanni Staunovo, commodities analyst at UBS Wealth Management in Zurich. Palladium saw the most minor fluctuation, starting at $490 per ounce, hitting $488 mid-week, and ending Monday at $494 per ounce.
While we will be waiting for the outcome of the Federal Open Market Committee meeting this week, it looks like the only major change will be a delay in raising rates until at least July. We expect the steady increases in gold and silver to continue. Platinum will likely remain in the mid-$800 range and palladium should have only minor changes.
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