Biggest Precious Metal Price Mover
On Nov. 12, 2012, Japanese palladium bar prices fell by 2.7 percent, making it the day’s biggest mover on our precious metals price index. Chinese palladium bar prices saw a 0.3 percent decline. The price of US palladium bar finished the market day up 0.3 percent per ounce.
Platinum Price Forecast
Meanwhile, the biggest news in PGM markets came from Johnson Matthey. The firm “predicted that platinum prices would trade in a range of $1,400-$1,800 a troy ounce over the next six months, averaging $1,625,” the FT reported.
“The forecast, while higher than today’s prices of $1,565, offers little relief for South Africa’s platinum miners, including Anglo American, Impala Platinum, Lonmin and Aquarius Platinum,” according to the article. This price forecast comes from the fact that platinum supply will be at a 10-year low due to the South African mine strikes.
On MetalMiner’s daily index, Japanese platinum bar prices inched up 0.8 percent. US platinum bar prices rose 0.8 percent as well. The price of Chinese platinum bar was essentially unchanged.
Gold and Silver Prices
The price of Indian gold bullion has been on the rise for 7 days. Japanese gold bullion ended the day with a 0.2 percent drop yesterday. Chinese gold bullion held its value on Monday. The price of US gold bullion continues hovering above $1,700 per ounce for the fifth day in a row.
Indian silver prices finished the day with a 1.7 percent rise. The price of Japanese silver increased 0.7 percent. After improving for two days, the price of US silver declined 0.6 percent. Chinese silver finished the day up 0.4 percent.