The price of silver also declined in January, ending the month at $22.72 per troy ounce, down 2% on a monthly basis. “At the beginning of the year, precious metals prices tended to decline somewhat due to a lack of investor interest,” said Martin Siegel, precious metals expert and managing director of Germany's Stabilitas GmbH.
In January, gold mining stocks recorded significant price losses, in some cases exceeding 10%, highlighting the current neglect of the entire precious metals sector.
Demand for platinum and palladium rose significantly in January compared to the previous month. The price of platinum rose by 6.5% and ended the month at $1,023 per troy ounce. Palladium also rose to $2,351 an ounce at the end of the month, up 25.6%. "Platinum and palladium have been able to record significant gains again after bottoming out the previous month," said the precious metals expert.
Non-ferrous metals at the beginning of the year developed inconsistently. Nickel rose 9% mom to close at $22,796. The price of lead, on the other hand, has declined to $2288 (-1.7%) over the past month. The price of aluminum rose to $3,028 (+7.4%). Zinc also rose 1.3% to $3674. The industrial metal copper, on the other hand, traded 0.8% lower than before to close at $9617. “The main factor driving the price of aluminum is the sharp rise in global energy prices,” Siegel said.
As for oil prices, in December 2021, Brent crude rose by 17%, ending the month at $88.15 per barrel. “The energy sector is being affected by the global easing of coronavirus restrictions, leading to a catch-up effect in industrial production and tourism.”