Precious metals markets have been volatile in recent weeks as the price of gold fell below $1,700 an ounce to a six-week low. Silver fell in a range of $18 to $17.80 an ounce. While gold and silver were down 0.85% – 0.89% against the dollar in the past 24 hours, platinum was down 2.82% and palladium was down 4.18% against the dollar over the past day. As the entire world suffers from inflation, many see precious metals as a safe haven from rising prices. Although inflation in the US and the eurozone exceeded 9 percent this summer, it will not do so in 2022. In 2022, the price of an ounce of pure gold could rise to $2,070 per ounce against the US dollar. On the same day (March 8, 2022), silver rose to $26.46 per ounce in 2022. Silver is down 23.14% on the year and is trading at $23.16 per troy ounce on January 1, 2022. Since March 8, silver has fallen 32% against the US dollar per troy ounce.
The equivalent value of the US dollar per troy ounce of gold on January 1, 2022 was $1,827.49 per ounce compared to today’s price of $1,695.45 per ounce, gold decreased by 7.22%. Additionally, investors who bought gold at constant prices on March 8 have lost about 18.09% in dollar terms since that day. The prices of platinum, palladium and rhodium had similar declines in value and greater volatility than gold and silver. Precious metals (PM) have long played an important role in the global economy, and traditionally precious metals such as gold and silver have been seen as a hedge against inflation. However, this is not the case in 2022, so the strong dollar and Fed rates are to blame. “The higher the capricious Fet, the higher the actual interest rate and strong dollar, reducing as gold prices,” said Forerbes at the end of June at the end of June. “The final US dollar and the updated demonstration in the world of return have been attracted to gold prices,” says Mastin Makau, a market strategist at DailyFX.com. In addition, the United States had a dollar code on Thursday 109,592, and according to Reuters, issued on September 1, the causes of a strong green package are in the central bank.