The price of gold has fallen by almost a tenth since the beginning of the year to $ 1,760 an ounce. Silver is also losing this year. A drop of 18 percent to $ 710 per kilogram returns it to pre-pandemic levels. Precious metals such as platinum and palladium, widely used in the automotive industry, are also experiencing a double-digit decline this year. On the contrary, the price of oil, gas or coal rose significantly.
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According to Golden Gate CZ analyst Pavel Ryba, gold is experiencing a certain correction against the record year 2020, when its price attacked the $ 2,100 level, mainly due to coronavirus uncertainty. This year, the yellow metal was not added mainly by the increase in interest rates on government bonds, which compete with it in the area of safe harbors, but also by the strengthening dollar or gradually rising interest rates, said Ryba.
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Platinum lost 11 percent to $ 960 an ounce from the beginning, and palladium weakened by 21 percent to $ 1,895. The reasons for palladium are due to a certain reduction in demand for car manufacturers, which are slowing down production due to a lack of chips. “Despite this year’s fluctuations, gold will continue to grow. Among other things, the ever-increasing world inflation will help him, which makes him the only way to save money safely, “Ryba pointed out.
On the contrary, oil is experiencing the completely opposite story. “So-called black gold has strengthened by 55 percent since the beginning of the year, and WTI oil, for example, rose again above $ 75 a barrel in September. Higher demand is fueled by fears of an energy crisis, which in turn affects the entire energy market. For example, natural gas has strengthened by more than 130 percent this year due to scarcity, and coal yield has exceeded 170 percent this year, ”added Porto analyst Vratislav Zámiš.
According to him, the development is also interesting for timber, which was one of the hot commodities in the middle of the year. Its value rose to more than $ 1,500 in May, but by the end of September the price was less than half. Compared to the beginning of the year, wood loses over 28 percent.
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