For investors in precious metals, especially gold, returns on their investment may be looking quite good, according to Goldman Sachs. Bloomberg reported this morning that Goldman expects investors to get returns of 18 percent on precious metals over the next year. And a separate Bloomberg report outlined how China is pushing for more gold investment, soon to overtake India as the No. 1 bullion market.
Don’t tell that to the Asian gold markets just yet, however.
The biggest mover on precious metals markets on June 8, 2012, was Japanese gold bullion, dropping 3.1 percent to settle at JPY 3,992 ($50) per gram. Chinese gold bullion fell 3.1 percent to CNY 322.80 ($50.72) per gram. Indian gold bullion ended the day at INR 29,252 ($532) per 10 grams, after the 2.6 percent drop last Friday. The price of US gold bullion saw essentially no change for the fifth day in a row, remaining around $1,543 per ounce.
The price of Indian silver declined 2.2 percent to INR 53,663 ($976) per kilogram. The price of Chinese silver closed at CNY 5,950 ($934) per kilogram. Following a couple days of improvement, the metal’s price weakened by 1.4 percent. The price of Japanese silver declined 1.4 percent to JPY 717.00 ($9.02) per 10 grams, after two days of improvement. US silver finished the day up 0.2 percent to $28.59 per ounce.
The price of Japanese platinum bar closed at JPY 3,617 ($45) per gram. Following a couple days of improvement, prices fell by 1.4 percent. The price of Chinese platinum bar fell 0.5 percent to CNY 313.50 ($49.26) per gram. After a 0.2 percent increase, US platinum bar finished the day at $1,437 per ounce.
Following a couple days of improvement, the price of Japanese palladium bar weakened by 0.7 percent. Prices closed at JPY 1,573 ($19) per gram. The price of US palladium bar remained essentially flat at $622.00 per ounce. After a couple of days of improving prices, the price of Chinese palladium bar held steady at CNY 150.00 ($23.57).