silver price

The gold price fell to a two-month low on Friday, after data showed the US economy created more jobs than expected last month, bolstering the case for the Federal Reserve to raise interest rates around the middle of this year.

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Gold for April delivery, the most actively traded contract, was recently down 0.9% at $1,185.70 an ounce on the Comex division of the New York Mercantile Exchange. That is the lowest intraday level for the most active gold contract since Jan. 5.

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The Global Precious Metals MMI® fell to a value of 86 in March, succumbing to the across-the-board decline that has affected commodities this year. It was a decrease of 4.4% from 90 in February, a month in which gold and silver saw a sharp spike as a hedge against weaker currencies.

Global-Precious-Metals_Chart_March-2015_FNL

In February, gold and silver came back down to Earth and the precious metals status quo was maintained.

Fed Inaction Means No Action for Prices

The strong dollar and the resolution of Greece’s latest bailout talks have not helped the investment metals and gold, particularly, lost some of its value as a result this month. Palladium is still in high demand for industrial and automotive uses but, unlike last month, it could not overcome the losses felt by its fellow PGMs.

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The Federal Reserve is widely expected to raise interest rates in the second half of the year, but recent comments by Fed Chairwoman Janet Yellen seem to have soothed the fears of investors who believed such a move could come as early as June. Yellen said the Fed would proceed cautiously during minutes recently released from its 2009 open committee meetings.

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Gold’s relationship with silver and the stock market seems to have changed, writes Jamie Chisholm of the Financial Times.

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The mint ratio is the gold price divided by the silver price. Assuming supply stays reasonably stable, the mint has usually tended to rise when equities fall.

Yet, since mid-2011, the mint and the S&P 500 have rallied in tandem. There is no big jump in silver output to account for this. So does silver’s underperformance mean investors are skeptical about global demand?

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Precious metals miner Fresnillo PLC reported lower-than-expected full-year profit and revenue, hurt by falling gold and silver prices.

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Shares in the company fell as much 8.7%. A Reuters poll in January forecast a further decline in silver and gold prices in 2015, with gold expected to average around $1,234 an ounce and silver expected to fetch about $17.20 an ounce.

The company’s pretax profit fell to $251.1 million in the year ended Dec. 31 from $418.7 million a year earlier.

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Gold and silver prices increased this week as Federal Reserve Chairwoman Janet Yellen continued to downplay the possibility of raising interest rates in the short term.

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In the world’s largest gold market, India, the presiding government refused industry demands for a decrease in the 10% gold import tax and, like the Fed, its rate will remain unchanged.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 6.3% increase to JPY 638.00 ($5.32) per 10 grams. This comes on the heels of a 8.8% decline the week prior. The price of Indian silver rose 4.9% to INR 37,912 ($615.02) per kilogram after falling 7.6% during the previous week. The price of Chinese silver fell 1.2% to CNY 3,595 ($574.43) per kilogram after rising 0.8% the week before. The price of US silver rose 0.5% to $16.53 per ounce after falling 4.9% during the previous week.

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The price of Indian gold bullion rose 2.6% to INR 27,108 ($439.75) per 10 grams after falling 1.8% during the previous week. The price of Japanese gold bullion rose 0.7% to JPY 4,630 ($38.64) per gram after falling 2.0% during the previous week. The price of US gold bullion rose 0.4% to $1,209 per ounce after falling 2.2% during the previous week. After a 0.2% decline, Chinese gold bullion closed out the week at CNY 247.30 ($39.51) per gram.

The price of Japanese platinum bar rose 1.7% to JPY 4,517 ($37.69) per gram after falling 3.6% during the previous week. Chinese platinum bar saw a 0.8% decline over the past week to CNY 257.00 ($41.06) per gram. The price of US platinum bar rose 0.7% to $1,172 per ounce after falling 3.3% during the previous week.

A 5.7% jump caught the week’s heaviest change for Chinese palladium bar. The price of US palladium bar rose 3.3% to $807.00 per ounce after falling 0.9% during the previous week. The price of Japanese palladium bar rose 2.0% to JPY 3,117 ($26.01) per gram after falling 1.1% during the previous week.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Gold prices edged higher Tuesday as a pullback in US equities and a weaker dollar lent support to the precious metal.

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The most actively traded contract, for April delivery, was recently up $3.50, or 0.3%, at $1,211.70 an ounce on the Comex division of the New York Mercantile Exchange.

Gold had been under pressure as a rally in US stocks lured away investors in recent months. The S&P 500 index and the Dow Jones Industrial Average both closed at fresh records on Monday, while the Nasdaq Composite rose above 5000 for the first time in nearly 15 years.

In other markets, palladium prices held near a five-month high as some investors wagered that China will mandate clear air-quality standards at an annual meeting of its legislature, which starts Thursday.

The price of Indian gold bullion closed as the biggest mover for Monday, March 2. Switching from a downward trend, the metal closed at INR 27,108 ($439.75) per 10 grams following a 2.6% increase. Chinese gold bullion finished the day up 1.0% to CNY 247.30 ($39.51) per gram. The price of US gold bullion remained steady at $1,209 per ounce. After a couple of days of improving prices, the price of Japanese gold bullion held steady at JPY 4,630 ($38.64).

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Indian silver saw its price rise 2.6% to INR 37,912 ($615.02) per kilogram. After a 0.8% increase, Chinese silver finished the day at CNY 3,595 ($574.43) per kilogram. Following a two-day rise, the price of Japanese silver flattened at JPY 638.00 ($5.32). US silver stayed flat at around $16.53 per ounce.

The price of Chinese platinum bar increased 1.2% to CNY 257.00 ($41.06) per gram. The price of US platinum bar steadied at $1,172 per ounce following two-days of increases. The price of Japanese platinum bar flattened at JPY 4,517 ($37.69) after two days of improvement.

Chinese palladium bar gained 0.5% to finish at CNY 184.00 ($29.40) per gram. The price of Japanese palladium bar ended a two-day climb, settling at JPY 3,117 ($26.01) per gram. Following a two-day rise, the price of US palladium bar flattened at $807.00.

Gold inflows to India – the world’s heaviest consumer nation for some 2,000 years – will continue facing 10% import duty after Saturday’s new government budget disappointed jewelers hoping for a cut to 6% or even 2%.

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China’s central bank cut interest rates for the second time in 3 months over the weekend.  The People’s Bank of China on Monday cut its benchmark lending rate to 5.35% and cut its deposit rate by the same 0.25 percentage points to 2.5% per year. World stock markets edged higher as the Yuan fell to a 2-year low against the US dollar and major commodities slipped a further 0.5% overall. New Purchasing Managers’ Index data today said activity in China’s manufacturing sector fell in February for the second month running.

On Friday, February 27, the day’s biggest mover was the price of Chinese palladium bar, which saw a 5.2% increase to CNY 183.00 ($29.25) per gram. This increase comes after three straight days of stagnant prices. At JPY 3,117 ($26.11), the price of Japanese palladium bar finished the market day up 0.5% per gram. US palladium bar finished the day up 0.4% to $807.00 per ounce.

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After remaining flat for three days, the price of Chinese platinum bar fell 1.9% last Friday to CNY 254.00 ($40.60) per gram. US platinum bar prices inched up 0.3% to $1,172 per ounce. The price of Japanese platinum bar increased 0.1% to JPY 4,517 ($37.84) per gram.

The price of Chinese gold bullion fell 1.3% last Friday to CNY 244.75 ($39.12) per gram. Indian gold bullion finished the day down 0.6% to INR 26,412 ($427.73) per 10 grams. US gold bullion prices rose 0.4% to $1,209 per ounce. Japanese gold bullion gained 0.2% to finish at JPY 4,630 ($38.78) per gram.

The price of Chinese silver moved last Friday. After a few changeless days, prices dropped 2.1% to CNY 3,565 ($569.82) per kilogram. Japanese silver saw its price rise 0.9% to JPY 638.00 ($5.34) per 10 grams. After a 0.1% increase, Indian silver finished the day at INR 36,965 ($598.63) per kilogram. The price of US silver flattened at $16.53 after two days of improvement.

India’s demand for gold was muted this week as buyers in the world’s top consumer of the metal held off purchases ahead of an expected cut in the gold import duty and a likely drop in local prices.

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Dealers hope to step up purchases if the import duty is lowered from a record 10% in Saturday’s federal budget, to meet demand from the upcoming wedding season and Akshay Tritiya, a major festival associated with gold-buying in April.

Japanese silver saw the biggest upwards shift for the day, rising 1.4% to close at JPY 632.00 ($5.32) per 10 grams on Thursday, February 26. US silver finished the day up 0.3% to $16.54 per ounce. The price of Indian silver steadied at INR 36,924 ($596.65) per kilogram following two-days of increases. The price of Chinese silver saw essentially no change for the fifth day in a row, remaining around CNY 3,640 ($581.58) per kilogram.

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Following a couple days of improvement, the price of Indian gold bullion weakened by 0.3%. Prices closed at INR 26,563 ($429.23) per 10 grams. Japanese gold bullion gained 0.2% to finish at JPY 4,623 ($38.90) per gram. The price of US gold bullion remained steady at $1,204 per ounce. The price of Chinese gold bullion held steady at CNY 247.91 ($39.61) per gram.

Japanese platinum bar prices rose 0.4% to JPY 4,512 ($37.97) per gram. The price of US platinum bar increased 0.3% to $1,168 per ounce. For the fifth day in a row, the price of Chinese platinum bar remained essentially flat at CNY 259.00 ($41.38) per gram.

After a 1.4% increase, Japanese palladium bar finished the day at JPY 3,103 ($26.11) per gram. US palladium bar saw its price rise 0.5% to $804.00 per ounce. The price of Chinese palladium bar continues hovering around CNY 174.00 ($27.80) per gram for the fifth day in a row.

Gold prices gained on Thursday in Asia as investors eyed Asian Demand.

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On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 an ounce. Chinese buyers returned to markets after a week-long break for the Lunar New Year. China is the second-largest buyer of the precious metal in the world.

On Wednesday, February 25, the day’s biggest mover was Indian silver, which saw a 1.7% increase to INR 36,958 ($595.18) per kilogram. The price of Japanese silver increased 0.8% to JPY 623.00 ($5.24) per 10 grams. US silver prices rose 0.8% to $16.49 per ounce. The price of Chinese silver held steady at CNY 3,640 ($582.57) per kilogram.

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At INR 26,642 ($429.05), the price of Indian gold bullion finished the market day up 0.5% per 10 grams. The price of US gold bullion rose 0.5% to $1,205 per ounce after a two-day drop. Japanese gold bullion prices inched up 0.4% to JPY 4,613 ($38.80) per gram. The price of Chinese gold bullion saw essentially no change for the fifth day in a row, remaining around CNY 247.91 ($39.68) per gram.

After a 0.6% increase, Japanese platinum bar finished the day at JPY 4,495 ($37.80) per gram. After falling for two days, the price of US platinum bar rose 0.2% to $1,164 per ounce. The price of Chinese platinum bar saw little movement at CNY 259.00 ($41.45) per gram.

US palladium bar gained 1.7% to finish at $800.00 per ounce. Japanese palladium bar saw its price rise 0.9% to JPY 3,061 ($25.74) per gram. The price of Chinese palladium bar was unchanged at CNY 174.00 ($27.85) per gram.

Switzerland’s competition commission WEKO is investigating possible gold and silver price fixing in the precious metals market, its spokesman said on Tuesday.

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The former gold and silver fixes, along with other commodity benchmarks, have come under increasing scrutiny by regulators in Europe and the US since a London Interbank Offered Rate (Libor) manipulation case in 2012.

The century-old gold fix, which ended in November,  was a standard price for the metal that banks set twice a day over the phone.

“We have a preliminary investigation into the manipulation of gold and precious metal price fixing,” the spokesman told Reuters. He declined to say which banks were involved.

The spokesman said this preliminary investigation began in 2014, without elaborating. This is a separate investigation than the one by the US Dept. of Justice and the Commodity Futures Trading Commission is conducting into several banks, some of which previously participated in the silver and gold fixes.

On Tuesday, February 24, Japanese silver jumped up 3.0%, landing at JPY 618.00 ($5.20) per 10 grams and making it the day’s biggest increase. US silver closed 0.5% lower at $16.36 per ounce. The price of Indian silver is back up, rising by 0.5% on Tuesday to close at INR 36,328 ($584.23) per kilogram. The price of Chinese silver was unchanged at CNY 3,640 ($581.68) per kilogram.

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US gold bullion prices saw a 0.4% decline to $1,200 per ounce. After falling for two days, the price of Indian gold bullion rose 0.3% to INR 26,512 ($426.37) per 10 grams. The price of Japanese gold bullion flattened at JPY 4,595 ($38.64) following two-days of declines. The price of Chinese gold bullion held steady at CNY 247.91 ($39.62) per gram.

Following a two-day drop, the price of Japanese platinum bar increased by 0.6% to JPY 4,470 ($37.59) per gram. The price of US platinum bar declined 0.2% to $1,162 per ounce. The price of Chinese platinum bar saw essentially no change for the fifth day in a row, remaining around CNY 259.00 ($41.39) per gram.

At $787.00, the price of US palladium bar finished the market day up 0.8% per ounce. The price of Japanese palladium bar fell 0.8% to JPY 3,033 ($25.51) per gram on Tuesday after two days of no change. For the fifth consecutive day, the price of Chinese palladium bar held flat at CNY 174.00 ($27.81) per gram.