The monthly Global Precious Metals MMI® registered a value of 106 in September, an increase of 2.9 percent from 103 in August.
“Traditionally, when gold prices rise, prices across the industrial metal complex tend to drop accordingly,” said Lisa Reisman, MetalMiner’s managing editor. “However, the fact that we’ve seen several of our MMIs this month rise alongside the Global Precious Metals MMI® may be a positive sign that demand across several industrial metal sectors is not as slow as many fear.”
It was a strong month for Chinese platinum bar. The metal posted a 15.8 percent increase, finishing at CNY 315.00 ($49.57) per gram.
After rising 8 percent, US silver finished the month at $30.44 per ounce. At $1,502 per ounce, US platinum bar finished the month up 5.8 percent. The price of Indian silver climbed 5.9 percent to INR 56,659 ($1,018) per kilogram. Chinese palladium bar prices hardly moved, leaving them at CNY 150.00 ($22.26) per gram.
Following a 2.7 percent shift up in price, Indian gold bullion closed the month at INR 30,735 ($552.44) per 10 grams. The price of US gold bullion jumped 2.1 percent last month to $1,655 per ounce. Chinese gold bullion reached CNY 338.90 ($53.33) per gram after a 2.3 percent increase for the month.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. 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.