As of July 20th, gold, silver and platinum were all trading at multiyear lows, with platinum going below the $1,000 benchmark and the price of gold trading at around $1,100.
For gold, this marks the lowest level since February 2010. Platinum was faring even worse, with its numbers coming in at their lowest in six years. Silver was also trading at a six-year low, dropping to a paltry $14.97.
Analysts suggest that gold sales have been hurt by the continued strength of the U.S. dollar, the U.S. economy and Federal Reserve chair Janet Yellen’s indication that interest rates will rise later this year.
Elsewhere, the bailout of Greece has calmed fears of general instability, lessening the yellow metal’s attraction as a safety net, while China reportedly sold off a large amount of its gold reserves.
Platinum, on the other hand, was hit by the perception that supply was increasing while demand was low. Meanwhile, silver seems to have been affected by the weakness of precious metals and commodities in general. CJ
