Over that period, the gold futures contract for delivery in February 2023 has risen from $1,664 per ounce to $1,806 per ounce, an overall increase of 8.5 percent. Looking at five-year performance, we can see that the value of gold is performing very well over the long term, despite the downturn in the current year. In fact, five years ago, one ounce was trading at around US$1,346, meaning its value has risen by 34 percent since then.
Development of the value of gold futures for delivery in February 2023 (Source: Investing.com)*
Silver follows the king of precious metals in appreciation
The price of silver during the last quarter also followed the development of the value of the king of precious metals. The silver futures contract for delivery in March 2023 has strengthened from around $19 per ounce to $23.4 per ounce, representing a 22 percent gain. Looking at the five-year performance, we can see that silver is essentially copying gold in terms of performance, as it has seen a 34.6 percent appreciation from the initial $17 per ounce to the aforementioned $23.4 at the start of this trading week.
Development of the value of silver futures for delivery in March 2023 (Source: Investing.com)*
The last quarter of the year, which is usually the best for financial markets, also seems to be benefiting the price of the most popular precious metals. Let's see if they will successfully remain in the green numbers in the approaching year 2023. In any case, the price of the precious metal remains well below the level of its previous highs.
* Past performance is no guarantee of future results
