What will the price of gold be in 2022? And that of silver? What about platinum? Questions that all jewelers ask themselves, but also those who plan to buy a jewel or to sell it. The reason for so much curiosity is due to the increase in prices which in recent months has involved almost all raw materials, including metals. Gold, silver and platinum were also affected by the covid-19 pandemic, which for months partially held back mining and sales. Then, the economy restarted almost suddenly along with the demand for jewelry. So some prices went up a lot, but they also went down. How long will the uncertainty last?
Gold is a symbolic metal, and not just for jewelry. But it is not easy to predict the yellow metal. After hitting $ 2,000 nearly a year ago, the price per ounce dropped to just over $ 1,700 in October, its lowest level since March. A fall that was accelerated by the strength of the US dollar (when the dollar rises, gold usually falls). And, at the moment, it seems that the trend of weakness in prices is destined to continue, with the dollar being worth more (compared to the euro and the yen) and the cost of gold floating. Translated: in the coming months it should not increase, unless there are upheavals now not foreseen.
Silver followed the price of gold, as is almost always the case: it rose to a peak of $ 28.89 per ounce, arriving in autumn 2021 with an average of $ 22.64 per ounce. In short, it has deflated, but the operators of the metals market expect that the price will rise again. It seems, in fact, that silver jewels are the protagonists of a boom that is destined to last: they cost less, they sell more. There are those who predict, in fact, that silver will reach $ 30 per ounce next year and then rise to $ 50.
It must be borne in mind that the price of gold, silver and platinum is not only linked to the world of jewelry. Metals, even precious metals, are also used for some industrial productions. In the case of platinum, palladium and rhodium (often used in jewelry together with gold or silver), for example, the price has dropped. The cause, according to industry experts, is linked to the global shortage of chips, the processors used for electronics, but also for cars or household appliances. The shortage of chips slowed the production of automobiles and, as a result, depressed the cost of metals used in catalytic converters.
The price of platinum fell from $ 1,008.29 an ounce in August to $ 988.67 in October. On the other hand, the price had risen a lot last year, reaching 1,214 last May. The strong demand from the world of jewelry (with a 48% increase in demand), however, could keep the price of platinum at high levels, albeit at a lower than record level. Same trend for palladium and rhodium. Palladium dipped below the $ 2,000 mark for the first time since mid-2020, below the high of $ 3,000 it hit in May. And experts predict it will continue its descent. Rhodium was also affected by the shortage of chips and dropped from the level of previous months: it went from a price of 10,205 per ounce in February 2020 to 25,981 per ounce in April. Then it dropped to $ 12,850 in October.