- Posted in: Precious Metals Reports
This Weekly Market Report for Precious Metals saw all four metals fall through the first of the week before rising on Monday. Gold gained $9.20 from May 9 to May 15, Silver peaked at a gain of $0.48 from Tuesday to Monday and Platinum saw a gain of $20 in that time. Palladium gained a total of $10 by Monday morning, but the closing price for the week was down $16 from the first day of our report.
Gold Maintains Price Amidst Global Uncertainty
As global uncertainty continued this week, gold stayed above $1,200 per ounce despite selling from a large number of investors. Because the Fed is moving so carefully and slowly with rate hikes and with removing monetary supports, gold is not expected to fall below $1,200 any time soon.
The dollar has been losing steam and has actually dropped slightly, keeping interest in gold high enough to prevent a mass exodus. U.S. manufacturing data was softer than expected as well, leading many investors to hold onto their gold for now.
Although gold is down from the price it was at earlier this year, precious metals have historically maintained their value.
Gold started the week at $1,227 per once on Tuesday, May 9. The price that day fell to $1,216 but regained to $1,223.50 before the day was over. The price dropped over several hours, landing at $1,218 Wednesday evening. At that point, the price began a long, slow rise and ended at $1,227.50 on Friday for the weekend. Monday once again saw the spot price of gold rise, this time to $1,236.20.
Silver was at $16.26 when the week began. A downward trend brought the spot price of silver to $16.06 on Tuesday afternoon. Wednesday morning, Silver rose to $16.27 briefly, but then settled back to $16.18 until evening, when it began an upward trend. The price hit $16.34 on Thursday morning, and $16.43 on Friday morning. When trading stopped for the weekend, the price was at $16.44. Silver got a good start on Monday, peaking at $16.78.
After coming off last weekend with a price of $917, the spot price of Platinum dropped sharply through Tuesday afternoon when it fell to $899. From there, the price went up and had gained to $911 by noon on Wednesday and finally back up to $917 by Thursday morning. The price continued to go up through Friday morning, when it reached $924. Platinum was at $919 when the weekend began. Monday saw Platinum soar to $937.
On Tuesday, Palladium was at $807 to start. It began falling rapidly, landing at $793 Tuesday afternoon. Wednesday morning, the spot price of Palladium rose back as far as $803 but began falling shortly after, ending its downward trend at $793 Wednesday evening. The price of Palladium climbed to $809 on Thursday morning, then dropped to $799 just after noon. When the weekend arrived, Palladium was at $805. Monday saw Palladium at $817, the highest spot price for the week. However, before Monday was over, the price was back down to $791.