Weekly Market Report for Precious Metals May 16 to 22

Pile of old coins and bullion with dark background

This Weekly Market Report for Precious Metals saw significant increases in the spot prices of gold, silver and platinum but a decrease in palladium. Gold had a net gain of $27.80, silver’s net gain was $0.47, and platinum gained net $16 for the week.

Federal Reserve Will Consider Rate Hike This Summer

Anxiety is running high in the geopolitical sphere; with a bombing at Manchester Arena in Britain, Europe’s largest indoor arena, Britain is on Severe Alert.

Donald Trump’s leadership is in question with an investigation going on to determine his involvement with Russia. Trump’s ambitious campaign promises still unfulfilled. In the midst of a nine-day trip abroad, Trump promises to make a major impact, but whether that will reflect well on America is still to be seen.

Coming up in June, the Fed will meet to discuss the possibility of a rate hike. While tension in the market may come as June begins, investors seem unconcerned about it as May winds down.

Investing in gold makes perfect sense in these turbulent times. Gold is a solid, tangible, stable investment whose value is unlikely to flag anytime in the foreseeable future.

Gold

Tuesday, May 16, caught gold on a rising trend. The spot price was at $1,234 but rose rapidly to $1,238.10. The trend continued through Wednesday, reaching $1,261.30 by Thursday. After a peak of $1,263.60 that day, the price began to fall, landing at $1,246.70 before climbing to $1,252.90 on Friday. By the weekend break, gold was at $1,255.60. Monday saw gold decrease to $1,252.10 before shooting back up to $1,261.80 Monday evening. 

Silver

Silver was on an upward path Tuesday, rising from $16.69 in the morning to $16.92 in the evening. On Wednesday, the spot price of silver began to falter and fell to $16.71 on Thursday morning. After a low of $16.55, silver reversed directions and rose to $16.83, where it stayed for the weekend. On Monday, silver broke the $17.00 mark, climbing to $17.16 by midday.

Platinum

Tuesday saw platinum starting at $932. The price went up from there, climbing to $942 on Tuesday afternoon. On Wednesday, the spot price of platinum moved upwards again, arriving at $947 just after noon.  Platinum fell throughout the day on Thursday until it found support at $929 Friday morning. Platinum gained to $941 on Friday before noon and finished the week at $938. On Monday morning, platinum fell to $934 before soaring to $948 at the end of our market report week.

Palladium

Palladium was at $800 Tuesday at the start of our week, but by noon, the price was down to $787. The price continued to go down until it reached $773 Wednesday afternoon. Palladium than fell to $758 on Thursday but had a better day on Friday, moving up to $764. The spot price dropped to $758, where it stayed for the weekend. Palladium moved upward throughout Monday, reaching $769 before the day’s end.