Strong Economic Data Stifles Weekly Growth of Gold, Silver

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Precious metals continued to decline on the LME last week as strong economic data from the US and EU limited their hedging ability against currencies. When governments are buying gold and silver it’s usually time to sell and MetalMiner has observed heightened buying activity in the last month.

Their prices also fell when the EU did not signal it would raise interest rates last week.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 6.6 percent decline to INR 42,651 ($712.45) per kilogram. This comes on the heels of a 2.6 percent increase the week before. The price of Japanese silver rose 1.1 percent to JPY 657.00 ($6.36) per 10 grams after falling 4.3 percent during the previous week. The price of US silver rose 0.6 percent to $19.95 per ounce after falling 1.3 percent during the previous week. The price of Chinese silver fell 0.5 percent over the past week to CNY 4,105 ($660.81) per kilogram. This was the third week in a row of declining prices.

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The price of Indian gold bullion rose 2.6 percent to INR 28,632 ($478.28) per 10 grams after falling 3.0 percent during the previous week. The price of Japanese gold bullion rose 1.2 percent to JPY 4,311 ($41.73) per gram after falling 2.7 percent during the previous week. The price of US gold bullion rose 0.7 percent to $1,302 per ounce after falling 1.8 percent during the previous week. At CNY 256.60 ($41.31) per gram, the price of Chinese gold bullion finished the week down 0.7 percent.

The price of Japanese platinum bar rose 2.8 percent to JPY 4,758 ($46.05) per gram after falling 2.9 percent during the previous week. The price of US platinum bar rose 2.0 percent to $1,444 per ounce after falling 1.0 percent during the previous week. The price of Chinese platinum bar rose 1.7 percent to CNY 307.00 ($49.42) per gram after falling 1.6 percent during the previous week.

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The price of Japanese palladium bar rose 4.2 percent to JPY 2,631 ($25.47) per gram after falling 0.6 percent during the previous week. The price of US palladium bar rose 1.6 percent to $786.00 per ounce after falling 1.7 percent during the previous week. The price of Chinese palladium bar rose 1.1 percent to CNY 179.00 ($28.81) per gram 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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