- Posted in: Precious Metals Reports
This week’s Weekly Market Report for Precious Metals saw upward an trend in gold, silver and palladium, with platinum down overall for the week. The dollar weakened significantly, boosting gold prices to a two-month high.
After President Donald Trump took office on Friday, he quickly set a course for major economic stimulus, although time will tell how his actions play out. For the moment, there is widespread anticipation of renewed vigor in the American marketplace. Trump started his first day by meeting with the heads of major corporations to discuss ways to increase jobs and cut regulations.
At this point, precious metals are alive and well, but it is a time for buyers who aren’t afraid of uncertainty. There is still no sign that precious metals will flag as the country adjusts to the new administration.
Gold was on a bit of a rollercoaster ride this week, but the net overall effect was a gain of $7.80. Gold started at $1,206.30 on Tuesday, January 17, but quickly rose to $1,216.30 early in the day. By Wednesday, it had backed off to $1,211.00. Thursday, the spot priced dipped, falling to $1,196.00. Friday, back in the 1200s, it reached $1,209.30 before the weekend break. On Sunday, gold soared to $1,218.30 before dropping back to $1,214.10 on Monday.
Like gold, silver had its ups and downs this week. The spot price on Tuesday was $16.94, but by Wednesday, it was up to 17.13. Thursday found silver at $16.97. On Friday, silver reached $17.02 before dropping off to $16.84 but was back up to $17.05 by the weekend. Monday’s peak of $17.18 was followed by a drop to $17.10, yielding an overall 16-cent increase from January 17 to January 23.
Platinum Shows Loss in Downward Trend
Platinum had an overall loss of $7 this week. The spot price started the week at $990. A downward trend brought platinum to $976 on Wednesday and to $948 on Thursday. On Friday, the price began to rebound, peaking at $978. The upward trend continued after the weekend, reaching $982 on Sunday and $983 on Monday.
Palladium started at $743 on Tuesday but climbed to $755 later that day. On Wednesday, the spot price was back down to $743, and on Thursday slightly higher at $746. Friday saw the biggest jump in palladium this week as it rose from $753 to $787. Sunday the price peaked at $794 before settling on Monday at $778.
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