Precious Metals Price Outlook
Precious metal prices fall for fourth straight month in July
Precious metal prices dropped 5.2% on a monthly basis in July, following a 1.4% decrease in June.
The downturn in prices in July was broad-based, with gold, silver and all platinum all posting month-on-month decreases. All three metals were likely weighed on by the stronger U.S. dollar during the month, which made purchasing precious metals more expensive for holders of other currencies. The dollar benefited from rising fears of a global recession. Moreover, weak demand from the automobile sector, which is suffering from supply chain difficulties, weighed on platinum prices. However, all three of these precious metals recovered some ground towards the end of the month as U.S. bond yields fell. In contrast, palladium prices were up slightly in July, potentially due to greater concern over disruption to Russian palladium supplies amid rising tensions with Europe.
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Precious Metals Historical Price Data
Gold prices in USD per troy ounce (toz).
Silver prices in USD per troy ounce (toz).
Palladium prices in USD per troy ounce (toz).
Platinum prices in USD per troy ounce (toz).
All prices are average of period (aop).
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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