Silver prices are seeing their some golden days.
The FT reported that “the surge higher came amid a widespread repositioning in metals markets, on the back of Chinese data showing stronger than anticipated imports, industrial production, and investment in July.”
The biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 5.5 percent increase. This week marked the third in a row of rising prices for the metal. The price of Chinese silver finished the week 4.9 percent higher. The price of US silver rose 3.4 percent after falling 0.5 percent during the previous week. Japanese silver prices were off slightly from a week ago.
The price of Indian gold bullion rose 2.1 percent over the past week. This was the third week in a row of increasing prices. Japanese gold bullion fell 1.4 percent over the past week. The price of Chinese gold bullion rose 0.6 percent after falling 0.4 percent during the previous week. US gold bullion traded sideways last week.
The price of US platinum bar rose 3.7 percent this week, closing out the fifth consecutive week of elevating prices. Closing out the fifth week of rising prices, the price of Chinese platinum bar gained 3.6 percent. The price of Japanese platinum bar rose 1.3 percent over the past week. This was the fifth week in a row of increasing prices.
Chinese palladium bar saw its price rise 1.9 percent over the past week. Closing out the fifth week of rising prices, the price of US palladium bar gained 1.4 percent. Japanese palladium bar remained unchanged for the 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.