- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals shows all four of our metals decreasing in spot price from Tuesday, May 2 to Monday, May 8. Gold saw a whopping $30.60 decline. Silver’s spot price dropped $0.68 cents for this period, while Platinum dropped $22 and Palladium fell by $8.
Gold Prices Dip
Selling pressure has been the order of recent weeks, with more investors seeking to offload precious metals. The resulting lower Gold prices may continue for a short time, but analysts predict support for gold at $1,217 if the yellow metal falls that far.
The election of French President-Elect Emmanuel Macron provided a note of global optimism, decreasing the interest in safe-haven precious metals. In other world news, India has doubled its gold imports from last April to this.
The lackluster U.S. economy has failed to inspire higher prices for gold. The good news for Gold is that this may delay interest rate hikes from the Fed, which is to continue that discussion in June.
When the selling pressure is on, the best option is often to hold onto precious metals until the timing is again right for profit. Since precious metals are stable, lasting, tangible investments, historically, they have continued to rise over the long term.
On Tuesday the 2nd of May, Gold was at $1,256.60. The price fell sharply that morning, landing at $1,252.30 in a few short hours before rebounding to $1,256.90. Starting on Wednesday, the spot price of Gold fell more gradually. The Gold spot price was at $1,237.70 by late Wednesday and $1,226.70 by midday Thursday. A short rising trend saw Gold at $1,234.20 on Friday morning, but it fell to $1,227.90 by the weekend. Gold spiked to $1,234.30 Sunday night. A downward trend followed, leaving Gold at $1,226.00 on Monday evening.
Silver started the week on Tuesday at $16.89. After briefly reaching $16.96, Silver fell over the next hours to $16.79. Just after noon Wednesday, the spot price of Silver dropped to $16.36. More declines on Thursday saw Silver’s price per ounce fall to $16.25. After a surge to $16.48 early Friday morning, the metal fell to $16.31 for the weekend. Silver was at $16.40 early Monday, but dropped to $16.21 before the evening was over.
When Tuesday arrived, Platinum stood at $932. The next hours were bumpy, with the price falling to $926 by the start of Wednesday and $896 by that evening. A gradual increase saw the spot price of Platinum at $905 on Thursday morning and $914 on Friday evening. After holding at $912 for the weekend, Platinum prices went up to $922 on Sunday night before following a downward trend to $911 on Monday.
Starting at $814 on Tuesday, Palladium rose by fits and starts, peaking at $819 by Wednesday before charting a downward course to $788 on Thursday. The spot price of Palladium gained for most of the day on Friday, ending up at $815 for the weekend. Monday saw a further increase to $818 early in the day before the price dropped to $806 before the night was over.