S. Africa's AMCU Lowers Wage Demands; Big Change Hits Indian Gold Bullion

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Getting closer to a resolution…”South Africa’s AMCU union has lowered its wage demands at Impala Platinum, bringing it closer to resolving weeks of deadlock that had been threatening a strike at the world’s No.2 platinum producer,” reports Reuters.

“The Association of Mineworkers and Construction Union’s (AMCU) softening of its stance holds hope that strike threats at the three largest platinum producers in South Africa, the world’s top producing country, will be scrapped.”

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“‘It is a clear indication that they are starting to accept some of the financial arguments that we are advancing and clearly signalling to us that they could consider something below what they have initially demanded,’ Implats spokesman Johan Theron said.”

The day’s biggest mover was Indian gold bullion, dropping 4.8 percent on Wednesday, November 13. The price of Chinese gold bullion fell 0.4 percent. The price of Japanese gold bullion rose 0.1 percent after a two-day drop. Following two days of downward movement, the price of US gold bullion held steady.

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Chinese silver fell 2.0 percent on Wednesday. Following a two-day drop, the price of Indian silver increased by 1.6 percent. After a couple of days of decreasing prices, the price of Japanese silver held steady. The price of US silver flattened after two days of downward movement.

Following a 0.4 percent rise yesterday, the price of Japanese platinum bar closed. The price of Chinese platinum bar flattened following two-days of declines. After dropping for two days, the price of US platinum bar flattened.

Chinese palladium bar prices saw a 0.6 percent decline. The price of Japanese palladium bar remained essentially flat. Following two days of downward movement, the price of US palladium bar held steady.