Indian Silver Price Drops, Gold Follows Suit

One of the day’s biggest movers on our daily global precious metals index was Indian silver, dropping one percent to settle at INR 51,742 ($933) per kilogram on July 11, 2012.

Japanese silver finished the day down one percent to JPY 687.00 ($8.64) per 10 grams. At CNY 5,740 ($901) per kilogram, Chinese silver fell 0.8 percent yesterday. The price of US silver declined 0.4 percent to $27.10 per ounce.

Gold, platinum and palladium prices dropped as well.

US gold bullion closed one percent lower at $1,574 per ounce. Indian gold bullion ended the day at INR 29,178 ($526) per 10 grams, after the one percent drop on Wednesday. For the seventh day in a row, the price of Japanese gold bullion fell and is currently at JPY 4,022 ($50) per gram. Chinese gold bullion prices saw a 0.7 percent decline to CNY 323.68 ($50.84) per gram.

The price of Chinese platinum bar fell one percent to CNY 312.00 ($49.00) per gram. Japanese platinum bar has been on the decline for seven days and is now at JPY 3,644 ($45) per gram. For the seventh day in a row, the price of US platinum bar fell and is currently at $1,424 per ounce.

The price of Japanese palladium bar declined 0.9 percent to JPY 1,476 ($18) per gram. US palladium bar saw little change in its price yesterday at $579.00 per ounce. The price of Chinese palladium bar showed little movement yesterday at CNY 140.00 ($21.99) per gram.

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