Weekly Market Report for Precious Metals: January 31st – February 6th

precious metals stock market image

This Weekly Market Report for Precious Metals saw significant increases for gold, silver, platinum and palladium – all four precious metals covered here.

While higher gold prices are usually expected with a weaker dollar, the dollar was still strong on Monday with gold at a 3-month high. Analysts suggest several reasons for this unusual situation. France’s National Front leader made statements in support of France leaving the EU. President Trump’s actions since the election have slowly been having an impact on the market, it’s only a matter of time before we see our nation’s leader, who has an affinity for gold, will do in the ensuing month’s to affect precious metals. Experts suggest that gold will continue to rise in the short term. As always, gold wins on the long game, because it is a tangible, stable investment option.

Gold

Gold was up substantially this week. Starting at $1,201.10 on Tuesday, the price was up to $1,211.50 before the day was out. On Wednesday, the price declined momentarily, falling to $1,203.00 on Thursday before rising to $1,223.80 on Thursday. The spot price went down again, to $1,216.00 on Friday. The price rose early on Monday to $1,222.80, and then to $1,235.20 before the end of the trading day for an overall weekly gain of $34.10.

Silver

Silver started on Tuesday at $17.16. After gaining to $17.55 on Wednesday, the price fell to $17.32 on Thursday. Friday saw an increase to $17.49 before the weekend. When trading started again on Monday, the spot price of silver rose through the day to $17.71.

Platinum

Platinum started at $990 on Tuesday. Wednesday was about the same, at $991. On Thursday, the price increased to $1,002 before dropping back to $989. Before the weekend break, silver was at $1,001, but by late in the day Monday, the spot price of Platinum was up to $1,012. The gain from Tuesday to Monday this week was $22.

Palladium

At the start of our weekly report on Tuesday, Palladium was at $744. By Wednesday, the price had increased to $756, and then to $765 on Thursday. The spot price of Palladium gained to $757 on Monday, and reached $770 before trading ended. The total net increase from Tuesday to Monday, then, was $26.

Want to learn more about the Precious Metal Market, or how to start your very own collection or investment? Contact a GMRgold representative at 877-795-9585 today or fill out a Contact Form and we’ll reach out to you ASAP!