- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals for June 6-12 saw overall losses for gold, silver and platinum but an increase in the spot price of palladium.
Current Events Have Potential Impact on Precious Metals Market
The big question of the day is whether the Fed will release information about upcoming policies and potential interest rate hikes after its meeting beginning Tuesday. Even so, gold investors are well-prepared for any potential changes, having already taken these possibilities into account.
Geopolitical risks are mounting. Many traders consider this a good opportunity to set aside gold as a safe haven investment in case major wars erupt. Possible future conflicts in Asia might cause enough turmoil to make gold the most logical investment. However, analysts warn that if the geopolitical scene really turns ugly, even gold could lose its current meaning.
Inflation seems to be on the horizon – and not just national inflation but global inflation as well. This trend bodes well for gold, which is a proven hedge against inflation. That makes this a good time to break into precious metals for the first time or increase your precious metals holdings.
On Tuesday, June 6, gold was at $1,284.50 coming off of the long Memorial Day weekend. The price rose gradually over the next hours, peaking at $12,94.00 at the midday before falling to $1,283.10 by midday Wednesday. Thursday saw a continuation of the general downward trend as gold sunk to $1,274.10. Friday saw more losses with gold settling in at $1,266.40 in time for the weekend break. The spot price of the yellow metal recovered only a bit on Monday as it spiked to $1,269.40 before another fall.
Silver was at $17.57 when the week began. On Wednesday, the spot price of silver climbed to $17.64. The price fell in a shallow curve, landing back at $17.55 just as Thursday began. But, Thursday morning, the price took a sharp downturn, falling to $17.36 before noon and then on to $17.10 just after noon on Friday. The weekend price was $17.17. By the end of the day on Monday, the spot price of silver was at $17.13.
The spot price of platinum was at $954 as the trading week began last Tuesday. After a quick peak of $966 just before midday, the price fell to $958 on Wednesday and continued in that mode, decreasing to $941 by Wednesday afternoon. A weak rally on Thursday saw the price struggle to get to $946, but soon afterwards, the price fell again, this time bottoming out at $936. Although a brief surge brought the price of platinum to $946 on Friday, the metal was back down to $937 by the weekend. Monday saw renewed interest in platinum, as the price climbed to $945.
As the new week began, the spot price of palladium was at $838. Wednesday’s high was $849, but it was followed by a drop to $827 later Wednesday morning and to $823 that afternoon. The news for palladium was better on Thursday as a long upward trend brought the price to $849 for most of the last part of the day. A rapid upswing brought the price to $880 on Friday morning. By the weekend, palladium was down to $961. However, Monday saw new gains, with the price climbing to $880.
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