via Metal Miner
Global Precious Metals MMI (Monthly Metals Index) continued its four-month flat trend from the previous month. Overall, the index was slightly less than flat, dropping by 0.18%. However, a number of factors continue to drive precious metals prices in general. For example, gold is finally calm down After hitting record highs earlier this year, gold prices began to rise again by mid-July, meaning gold prices have yet to peak.
With wars brewing in other parts of the world, inflation still remaining somewhat elevated, and a presidential election looming, precious metals prices may become more volatile in the second half of 2024. This is especially true right before the election takes place. The months (and especially the weeks) leading up to the US presidential election tend to be more volatile in precious metals prices, primarily because future US policies are in question. As such, investors are advised to closely monitor market patterns before investing.
Palladium price fluctuations
Palladium prices continue to be very volatile, rising sharply before turning downwards. After palladium prices broke through last month’s highs, the trend quickly reversed and fell, resulting in further lower highs and lower lows. Palladium prices continue to remain very volatile, increasing the risk of market-wide uncertainty.
Source: TD Ameritrade
Precious Metals Prices: Platinum
Platinum prices continue to trend sideways with little signs of strength on either side of the market. As the current market trend remains sideways, platinum prices will remain uncertain until a breakout above the range occurs.
Source: TD Ameritrade
Silver prices are sluggish
Meanwhile, silver prices have failed to maintain their upward trend. Although prices increased slightly earlier this month, they were unable to reach new highs and eventually turned downwards, cutting lower lows and higher highs. Market trends continue to show volatility and the overall direction of the silver market remains unclear. Please continue to follow our monthly update on precious metals price trends. Free MMI report from MetalMiner.
Source: TD Ameritrade
Precious Metals Prices: Gold
Following a rally in gold prices that began earlier this month, prices have risen more than 6% since June. A combination of ongoing geopolitical uncertainty and economic data surrounding the Federal Reserve’s interest rate policy has caused gold prices to continue to rise, reaching a high of 2,480.23 on July 16. Given this new high and the fact that prices remain at historically high levels, traders should closely monitor prices for a possible bearish reversal.
Source: TD Ameritrade
Metal Miner Team
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