Platinum was the top precious metal in 2022, here's how the others did preciousmetals platinum
Precious metals had a very mixed performance in 2022. And if not for the last quarter of the year, the results would have been very different.
Spot platinum began 2022 at around $965 an ounce and ended at around $1,068 an ounce. Spot silver opened last year at $23.28 an ounce and ended the year at $23.93 an ounce. Spot gold kicked off 2022 at around $1,828 an ounce and ended it at just above $1,822 an ounce. And spot palladium started off at about $1,902 an ounce and ended 2022 at around $1,790 an ounce.
The WPIC cited supply constraints and increased bar and coin demand, revising the market surplus forecast for 2022 down by 17% to 804 koz. "A combination of higher passenger vehicle production numbers, tighter emissions legislation for HDVs in China and India, as well as growing substitution of platinum for palladium will see a 12% expected increase in platinum demand this year, to 2,964 koz," the report said.Another boost for platinum prices could be wage pressure and power constraints at mines in South Africa, the world’s number one producer of platinum.
During the last meeting of the year, the Fed slowed to a 50 basis point increase but remained very firm in its battle to bring inflation down, warning markets that rates are not at a restrictive-enough level and will have to stay higher for longer.
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