Global Precious Metals MMI®: Palladium is Price King

by MetalMiner IndX Reports on April 15, 2014

Style:    Category: Metal Prices, MetalMiner IndX, Precious Metals

Palladium prices have increased 16 percent since the beginning of February. Palladium is the best performer among precious metals since 2011 and it is close to reaching the record levels it recorded in spring 2011.

MetalMiner Lead Analyst Raul De Frutos predicted another strong year for palladium as the South African Miners’ Strike continues and supplies of the metal are bought by automakers and other end users. Russia’s position as the largest producer of the metal worldwide and possible international sanctions against it by other governments also throw its ability to supply the metal into question.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese palladium bar, which saw a 3.9 percent increase to CNY 186.00 ($29.84) per gram. This week marked the third in a row of rising prices for the metal. The price of US palladium bar rose 3.1 percent this week, closing out the third week at $810.00 per ounce. At JPY 2,635 ($25.97) per gram, the price of Japanese palladium bar finished the week 0.2 percent higher.

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US platinum bar saw its price rise 1.5 percent over the past week to $1,465 per ounce. Chinese platinum bar gained a slight 1.3 percent this past week, finishing at CNY 311.00 ($49.90) per gram. The price of Japanese platinum bar increased by a slight 0.4 percent over the past week to JPY 4,777 ($47.08) per gram.

The price of Chinese gold bullion rose 3.3 percent to CNY 264.95 ($42.51) per gram after falling 0.7 percent during the previous week. Closing at $1,329 per ounce for the week, US gold bullion rose by a slight 2.0 percent. Indian gold bullion rose 0.5 percent over the past week to INR 28,781 ($476.90) per 10 grams. In the past week, Japanese gold bullion saw its price shift up 0.4 percent to JPY 4,330 ($42.67) per gram.

The price of Indian silver rose 2.0 percent to INR 43,510 ($720.96) per kilogram after falling 6.6 percent during the previous week. The price of Chinese silver rose 1.2 percent to CNY 4,155 ($666.67) per kilogram after falling 0.5 percent during the previous week. Following a 1.1 percent increase in the week prior, the price of Japanese silver fell 0.8 percent last week to JPY 652.00 ($6.43) per 10 grams. US silver prices ticked up 0.2 percent over the past week to $20.00 per ounce.

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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