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Gold, Silver, Platinum Prices All Down To Close Out February March 01, 2021 (0 comments)
New York, NY—Prices for the three main precious metals—gold, silver, and platinum—all fell last week. Precious metals site Kitco.com reports gold prices fell $100 to close out the week at $1720 an ounce, an eight-month low. It rebounded slightly, closing out the week at 1734.60 an ounce. Silver—recently the subject of online trading—is down to $26.70 an ounce, and platinum, which has recently seen some volatility, dropped to $1181 the ounce.
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The drop in gold is attributed to rising U.S. Treasury yields. SIA Wealth Management chief market strategist Colin Cieszynski called the U.S. dollar “gold’s nemesis” in the Kitco article.
Overall, analysts were mixed in their predictions for gold. Some told Kitco the market fundamentals still support positive movement—but at least one contrarian said a decline to $1,500 could happen.
Kitco.com charts show how gold has declined since the beginning of the year.
Silver, meanwhile, has settled into a reasonably stable pattern. Its lowest point in a year came in mid-March 2020, coinciding with the WHO’s declaration of the coronavirus as a global pandemic—which sent all kinds of equity markets plummeting. Silver dropped to about $12 an ounce at that time, but from that point steadily recovered, hitting about $28 an ounce in August 2020 before dropping back to about $23 in September and remaining roughly in the $23-$25 range until the end of January 2021, when the online trading frenzy briefly pushed it to $30. Since then, it has hovered between $26 and $27.
After rebounding from its March 2020 low, silver stayed steady for a while, then spiked for a bit when online traders grew interested in it. Since then, it's returned to a more stable pattern. Charts, Kitco.com
Platinum prices have seen some volatility since the beginning of this year. The metal started 2021 at about $1120 an ounce before dropping $100 to about $1,020 an ounce in mid-January. But it quickly rebounded, and 10 days later hit about $1123, and continued to rise until flirting with $1300 on February 19 before dropping back.
Kitco's chart shows platinum volatility--a drop in January but since then, starting to rise again before dropping back slightly to close out the last week of February.