Prices for gold and silver will continue to fluctuate around the levels of 1800 and 27 dollars per troy ounce, respectively, but there are no reasons for the growth of the value of these precious metals yet. This opinion was expressed to Rosbalt by Artem Lyutik, Managing Director of Univer Capital Investment Company.
He states that “over the past week, all precious metals have increased in price.” “Platinum prices showed the greatest growth: the trend, which lasted almost a whole year, accelerated last week. Platinum rose 9.94% to $ 1,252.5 per troy ounce. In second place in terms of price growth is palladium, which rose 1.66% to $ 2393 per troy ounce. Both platinum and palladium have shown significant growth for the second week in a row, ”the expert said in his review.
Meanwhile, he noted, “gold and silver are up 0.63% and 0.47%, respectively.” “Gold reached $ 1,822.43 per troy ounce, silver reached $ 27.36 per troy ounce. As we noted earlier, precious metals, such as platinum and palladium, are showing strong growth in the post-COVID recovery. At the same time, prices for gold and silver are also supported by the recovery in demand from the jewelry industry, ”emphasized Buttercup.
Commenting on the situation with industrial metals, he pointed out that “the forecasts for the recovery of the global economy have finally had a positive impact on prices for industrial metals.”
“The largest increase in prices over the past week was shown by copper, which added 4.20% over the week and reached $ 8270 per ton. The price of iron ore rose 3.74% to $ 159.65 per ton. Aluminum added another 3.66% and reached $ 2089 per ton. Nickel added 2.27% over the week and reached a price level of $ 18363 per ton, ”the analyst notes.
He believes that “the growth in prices for industrial metals that has begun is fundamental, based on increased demand from the real sector of the economy in connection with the recession in tension on COVID, and will continue for a long time.”
In general, the expert predicts that “prices for gold and silver will continue to fluctuate around the levels of 1800 and 27 dollars per troy ounce, respectively, the prices will be supported by demand from the jewelry market, but there are no reasons for the growth of prices for gold and silver yet”.
“We expect further growth in platinum (to $ 1,300 per troy ounce) and growth in palladium (to $ 2,450 per troy ounce). In the near future, prices for industrial metals will update three-month highs, the growth factor will be the prospects for the recovery of the world economy after the COVID crisis, ”sums up Buttercup.
Source: Росбалт by www.rosbalt.ru.
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