Federal Reserve Chairwoman Janet Yellen appeared to indicate that interest-rate increases may come sooner than many investors had expected with her remarks this week that the Fed is likely to end the winding down of its bond-buying program this fall and start increasing interest rates around six months later.
This news, coupled with the easing of threats of military action in the Crimean peninsula, has meant less demand for the metals which are traditionally purchased as a hedge against less certain investments.
Indian silver finished as the week’s biggest mover on the weekly Global Precious Metals MMI® after dropping 6.8 percent and landing at INR 44,510 ($729.31) per kilogram. The price of US silver fell 5.8 percent to $20.11 per ounce after rising 2.1 percent the week before. Closing out the third week of declining prices, the price of Japanese silver dropped by 3.0 percent, finishing at JPY 679.00 ($6.64) per 10 grams. Following a 2.2 percent increase in the week prior, the price of Chinese silver fell 2.6 percent last week to CNY 4,130 ($663.42) per kilogram.
The price of US gold bullion fell 4.5 percent to $1,318 per ounce after rising 2.8 percent the week before. Following a 1.1 percent increase in the week prior, the price of Japanese gold bullion fell 2.9 percent last week to JPY 4,380 ($42.83) per gram. The price of Indian gold bullion fell 2.6 percent to INR 28,762 ($471.28) per 10 grams after rising 1.7 percent the week before. Following a 2.9 percent increase in the week prior, the price of Chinese gold bullion fell 2.2 percent last week to CNY 264.45 ($42.48) per gram.
US platinum bar prices were off slightly at $1,430 per ounce, down from $1,465 a week ago. The price of Japanese platinum bar declined 1.4 percent over the past week, settling at JPY 4,765 ($46.60) per gram. The price of Chinese platinum bar fell 1.3 percent to CNY 307.00 ($49.31) per gram after rising 0.6 percent the week before.
The price of US palladium bar rose 2.2 percent to $787.00 per ounce after falling 0.5 percent during the previous week. Finishing the fourth week of rising prices, the price of Chinese palladium bar increased by 1.1 percent, finishing at CNY 178.00 ($28.59) per gram. Japanese palladium bar fell 1.0 percent over the past week to JPY 2,542 ($24.86) per gram.
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.