Scaling price on the last day of 2017
The last trading day of 2017 witnessed an upswing in precious metal prices. Gold, silver, and platinum rose 0.94%, 1.4%, and 0.79%, respectively. Palladium maintained a downward swing in its price and fell almost 0.23%. Gold increased ~13.6% in 2017 and closed at $1,306.3 per ounce. Its RSI (relative strength index) level was at 91.2. An RSI above 70 suggests a possible downswing in the price. Gold’s also trading at a considerable premium to its 100-day moving average. It could be a bullish indicator for gold. It was at a 2.5-month high.
Silver closed at $17.1 per ounce and managed a YTD (year-to-date) gain of 7.1%. Silver’s RSI level was at 88.4.
December 2017 was likely the best month for gold since August 2017. Also, 2017 was the best year for gold since 2010. However, palladium was the winner among the four precious metals. Palladium rose 57.3% YTD.
In 2017, there were geopolitical tensions surrounding North Korea and speculations regarding the Russian scandal during the election campaign. Concerns about low interest rates in the US added to the global tensions.
Funds and miners
Next, we’ll discuss how the US dollar impacted precious metal prices.