Precious Metals MMI: Precious Metal Prices Continue to Move Up

The Global Precious Metals MMI (Monthly Metals Index) moved up again month-over-month after a bounce between March and April. The index moved up a modest 3.63%. Every part of the index either trended upward or moved sideways with a slight upward slant. Meanwhile, there are still many factors affecting precious metal prices.

Many investors see precious metals as a safe haven amid high inflation and economic uncertainty, and this has a massive impact on precious metal prices. In recent months, central banks purchased metals like gold in much higher volumes, contributing to the metal’s bullish strength. However, these trends could very likely reverse, as platinum, silver, and gold all came within resistance zones.

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Precious Metal Prices: Palladium

Though palladium prices moved up at the beginning of May, prices are presently slowing down. That said, many analysts expect palladium to bounce again before it experiences more downward movement. Meanwhile, the index has yet to establish a clear market direction, as the price per ounce of palladium futures moved between $1,500 and $1,600 month-over-month. For now, the expected trading range for palladium is sideways.

Platinum Prices

Platinum hit resistance zones more than once this past month before beginning to retreat. Therefore, a slowdown in price momentum appears feasible. According to World Bank reports, analysts anticipated that platinum’s price on global commodity markets in April 2023 would hit $1,050.74.

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Precious Metals Prices: Silver

Silver prices were somewhat erratic in April compared to other precious metal prices, reaching highs not seen since 2020. However, historical resistance continues to pressure silver prices. Therefore, as with platinum, price momentum shows the potential to slow down and possibly reverse. In May, silver futures declined to $24 per ounce. This continues the 14-month slide from the $26 high reached on May 4 amid a strengthening U.S. currency and worries about weaker industrial demand.

Gold Prices Appear Bearish

Gold prices dipped on April 21, with spot gold down 0.1% to $2,001.75 per ounce.The drop in prices mainly stemmed from the dollar steadying. The short-term trend for gold now appears more bearish now than it has in the past 2-3 months.. Gold reached an intraday high of $2,009 per ounce in March, the first time it has done so in a year. As of March 21, the safe-haven asset was up 7% from the end of last year and 19% from its lows in October 2022.

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Global Precious Metal Prices: Notable Price Moves

• U.S. platinum bars rose by 8.82% month-over-month, bringing prices to $1,074 per ounce.
• U.S. palladium bars increased slightly by 2.57%, bringing prices to $1,438 per ounce.
• U.S. silver ingots increased in price by 4.77%, raising prices to $25.04 per ounce.
• U.S. gold bullions moved sideways and increased a mere 0.51%, leaving prices at $1990.60 per ounce.