Palladium, Platinum Chaotic off Ukraine-Russia Tensions

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Geopolitical tensions surrounding Russia and Ukraine have exacerbated supply worries for platinum and palladium while a major miners’ strike continues in South Africa continues. These forces are pushing the related metals generally higher on global indexes, but they’ve also seen some drops as statements from world leaders in Russia and Ukraine are either fomenting or easing the tension.

Closing at CNY 181.00 ($29.09) per gram on Wednesday, April 16, Chinese palladium bar saw the biggest change at a 2.7 percent. The price of US palladium bar fell 2.2 percent to $790.00 per ounce. A 30-day high was reached by the price of Japanese palladium bar following a 0.9 percent increase, to finish at JPY 2,610 ($25.62) per gram.

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US platinum bar ended the day at $1,434 per ounce, after the 1.9 percent drop yesterday. Chinese platinum bar finished the day down 1.3 percent to CNY 307.00 ($49.34) per gram. At JPY 4,742 ($46.54) per gram, Japanese platinum bar fell 0.7 percent on Wednesday.

Indian gold bullion prices saw a 2.4 percent decline to INR 28,100 ($465.27) per 10 grams. At CNY 259.30 ($41.67) per gram, Chinese gold bullion fell 2.1 percent on Wednesday. The price of US gold bullion fell 1.8 percent to $1,302 per ounce. The price of Japanese gold bullion declined 0.6 percent to JPY 4,303 ($42.24) per gram.

Chinese silver closed 2.0 percent lower at CNY 4,070 ($654.11) per kilogram. US silver finished the day down 2.0 percent to $19.56 per ounce. Indian silver ended the day at INR 43,003 ($712.03) per kilogram, after the 1.2 percent drop yesterday. The price of Japanese silver declined 0.6 percent to JPY 648.00 ($6.36) per 10 grams.

 

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