Ukraine Tensions Bolster Gold, as Japan Palladium Price Up 7%

Japanese palladium bar saw the largest upwards shift on the weekly Global Precious Metals MMI®, rising 7 percent. The price of US palladium bar rose 4.6 percent after falling 0.1 percent during the previous week. tThe price of Chinese palladium bar finished the week 4.2 percent higher.

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The price of Japanese platinum bar rose 3.3 percent this week. Closing out the third week of rising prices, the price of US platinum bar increased by 1.6 percent. The price of Chinese platinum bar rose 1.0 percent. This was the third week in a row of increasing prices.

Tensions in Ukraine seemed to bolster the price of all precious metals as hard currencies. “Stock market weakness and gold strength this afternoon seem to stem back to the news from Crimea about shots being fired,” Saxo Bank’s head of commodity strategy Ole Hansen told Reuters. “It highlights the nervousness about what can happen.”

Investor sentiment towards gold continues to be positive this year after a 28 percent drop in prices in 2013.

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The price of Japanese gold bullion finished the week 2.4 percent higher. The price of Indian gold bullion fell 1.5 percent after rising 0.4 percent the week before. Following a 2.3 percent increase in the week prior, the price of Chinese gold bullion fell 1.1 percent last week. The price of US gold bullion fell 0.8 percent.

Following a 0.8 percent increase in the week prior, the price of Indian silver fell 3.9 percent last week. The past week saw US silver post a 3.2 percent decline. Chinese silver prices were off slightly from a week ago. The price of Japanese silver rose 1.9 percent after falling 0.6 percent during the previous 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.

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