No End in Sight for Strike in S. Africa; Indian Gold Bullion Falls

by on

Government-brokered talks between South Africa’s AMCU union and the world’s top three platinum producers ended on Monday with no breakthrough in efforts to end a strike that has hit half of global output of the precious metal,” reports Reuters.

“‘They want to sleep on our demands, we are confident that progress will happen tomorrow,’ Jimmy Gama, the main negotiator for the Association of Mineworkers and Construction (AMCU), told reporters after the talks ended at a Pretoria hotel.”

FREE Download: The Monthly MMI® Report – covering the Precious markets.

“AMCU members downed tools on Thursday at American Platinum, Impala Platinum and Lonmin, bringing operations around the gritty mining town of Rustenburg to a halt and dealing a fresh blow to investor confidence in Africa’s largest economy.”

In metal price news for precious metals…
On Monday, January 27, the day’s biggest mover was Indian gold bullion, which saw a 3.1 percent decline. Chinese gold bullion closed 1.6 percent lower. The price of Japanese gold bullion is back up, rising by 1.0 percent yesterday to close. US gold bullion stayed flat.

* Get the complete prices every day on the MetalMiner IndX℠

The price of Indian silver closed. Following a couple days of improvement, the metal’s price weakened by 1.6 percent. The price of Chinese silver fell 0.9 percent. US silver prices saw a 0.6 percent decline. Japanese silver finished the day down 0.3 percent.

US platinum bar fell 2.3 percent on Monday. Japanese platinum bar continued its trend downwards. Finishing the day, it dropped 2.0 percent. The price of Chinese platinum bar showed little movement yesterday.

US palladium bar fell 2.7 percent in price. This marks the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, January 21. Put the price of Japanese palladium bar at a month high. The price of Chinese palladium bar remained essentially flat.