- Posted in: General
This Weekly Market Report for Precious Metals saw decreases for gold, silver, platinum and palladium, although the median price was higher than last week.
Factors influencing the prices of precious metals this week included the French election, a new fight in the U.S. government over the debt ceiling, and tensions in North Korea. Election results in France favored Emanuel Macron and supported the price of the eurodollar after concerns that France would abandon the European Union decreased.
The Fed indicated that a rate hike was in the offing, despite earlier talk of keeping the rate stable. However, as fears rose concerning the situation in North Korea and a possibility of a government shutdown in the U.S., investors flocked to safe haven precious metals.
In a world racked with fear, precious metals are more popular than ever overall. Regardless of the decreases this week, gold, silver, platinum and palladium are stable, tangible investments that will tend to hold their value in the long term, despite global uncertainties.
Gold was high overall this week, despite large fluctuations in its spot price over the course of the reporting period. The yellow metal started on April 18th at $1,283.40. Shortly afterwards, the per ounce price shot up to $1,291.30. A gradual decline brought the price down to $1,277.80 on the 19th. The price remained near that level until it spiked to $1,282.40 on the 20th. Gold fell to $1,2890, landing at $1,283.90 for the weekend. Immediately upon opening on Monday, the market saw a rapid decline with prices falling to $1,268.20. A slow increase brought gold to $1,278.20 on the 24th.
The spot price of silver started the week at $18.36. On the 19th, the price fell to $18.03 and regained to $18.18 by the 20th before bottoming out at $17.88. Silver was at $17.91 when the weekend began. After the market reopened on the 24, silver fell to $17.72 and ended later that day at $17.91.
Platinum peaked early in the week at $984 before falling to $962 on the 19th. Another increase on the 20th saw the price rise to $978 on the 20th. On the 21st, the price fell to $970. A slow decline on the 24th resulted in a spot price for platinum of $954.
Palladium started the week at $791 but the price dropped quickly to $771 on the 19th. The 20th saw palladium increase to $803. Palladium ended the trading week on the 21st at $794. The price increase to $800 on the 23rd and then fell to $791 on the 24th.