All precious metal prices have fallen this week. Some - even significantly. This was largely due to the new version of coronavirus Omicron (source: Mks.ch). Due to the rapid mutation of the virus, it is unclear whether it will spread even faster, whether markets, factories, mines and other important facilities will have to close again. Inflation is also rising quite rapidly (source: Metalsdaily.com). Precious metals’ prices may fall further in the last month of this year.
The price of gold fell to $ 1,787.23 an ounce. Fxstreet.com says that the value of the yellow metal fell due to investors’ fears after the announcement of a new strain of coronavirus. However, according to Finance.yahoo.com, the situation is likely to stabilize within a few weeks. Especially when there is more information about the strain. Gold is projected to recover to $ 1,877 an ounce (source: Metalsdaily.com).
 
The price of silver fell to $ 22.96 an ounce. Fxstreet.com says that the value of the white metal has been in a relatively low position for almost 7 weeks. The reason for this week's fall in price was similar for many metals: a new strain of the virus. However, another reason has contributed to the fall in the price of the metal: it is the strengthening US dollar (source: In.investing.com). Fxempire.com says that it is hard to expect that the price of silver will rise in the near future, although demand for the metal is also not declining.
 
The price of palladium dropped to $ 1,808.49 an ounce. According to Heraeus.com, the price of palladium has fallen sharply this year. And so far, no positive glimmers have been seen. Exports of German cars alone fell by 17.2% in the third quarter of this year (source: Kitco.com). Thus, the chip crisis has a direct impact on the price of palladium and the situation is unlikely to change yet.
The price of platinum has also fallen. The metal currently costs $ 973 an ounce. This metal has a better future than palladium. The demand for platinum in renewable energy will increase (source: Heraeus.com). Demand for the metal is also growing in the jewellery sector, especially in India (source: Businesstoday.in). Due to the growing demand for the metal next year, it may be in short supply (source: Platinuminvestment.com).
 

 
The price of copper fell to $ 9,406.02 a tonne. The sharp fall in price was also affected by the new strain of coronavirus (source: Mining.com). However, the same source believes that the price of copper should rise again soon as its shortage is projected.