The Global Precious Metals MMI (Monthly Metals Index) maintained a sideways trend once again, this time moving up only 2.07%. That said, the overall future for precious metals prices brightened recently. For example, through October, gold increased around $150 per ounce. However, there were several variations in the prices of precious metals between October 1 and November 1. Numerous factors, including macroeconomic conditions, central bank policies, and geopolitical tensions, significantly impacted these variations.
Get weekly updates on commodity news and fluctuations of precious metal prices with MetalMiner’s free weekly newsletter.
Palladium Prices
Unlike other precious metals prices, palladium dropped quickly once the conflict in the Middle East began earlier last month. Analysts currently observe palladium prices forming new lower lows while also failing to reverse to the upside. This means the trend is currently bearish and will remain uncertain for any buyers who wish to participate in this market.
Source: TD Ameritrade
Precious Metals Prices: Platinum
Meanwhile, platinum prices remained generally unaffected by the conflict in the Middle East. Indeed, prices remain sideways, with no real strength to either side. Currently, the overall market direction for this metal remains unclear and uncertain.
Need to know last-minute 2024 procurement strategies? Join MetalMiner’s December fireside chat: Metal Contracting Goldmine: Last-Minute 2024 Market Intel & Strategies
Precious Metal Prices: Gold
Although prices jumped rapidly due to the conflict in the Middle East, gold price action seems to be forming a sideways trend as historical resistance levels continue to pressure prices. With prices currently trading below the recently formed high, the overall price trend appears neither bullish nor bearish.
Silver Lags Behind Gold
Unlike gold, silver prices have yet to breach prior highs with any significant strength. Although they did manage to break the September 2023 high, prices failed to confirm a bullish breakout. Meanwhile, price action has not continued to the upside. As bearish pressure from historical resistance levels continues to weigh on silver, the index could enter a sideways trend. Ultimately, the overall price direction remains unclear.
Biggest Shifts in Precious Metals Prices
- Palladium dropped by a significant 11.09%, leaving prices at $1,106 per ounce.
- Platinum increased by 3.09%, leaving prices $934 per ounce.
- Silver traded sideways, increasing by a modest 1.02% to $22.83 per ounce.
- Gold climbed by 6.38%, bringing prices to $1983.30 per ounce.
AI vastly improves your organization’s chance of making metal purchases which generate the most cost downs. Read why.
