Federal Reserve chair Janet Yellen recently said in a speech that inflationary risks seem skewed to the downside. After a few days of losses silver closed up on most indexes yesterday, but Yellen’s remarks are likely to reduce the appeal of the silver as a hedge against price increases in the long-term.
On Thursday, April 17, the day’s biggest mover was Indian silver, which saw a 2.0 percent increase to INR 43,867 ($727.39) per kilogram. Japanese silver closed 1.9 percent lower at JPY 636.00 ($6.21) per 10 grams. Following a 0.4 percent rise yesterday, the price of US silver closed at $19.63 per ounce. Chinese silver prices rose 0.2 percent to CNY 4,080 ($655.97) per kilogram.
Japanese gold bullion ended the day at JPY 4,262 ($41.60) per gram, after the 1.0 percent drop yesterday. Chinese gold bullion gained 0.3 percent to finish at CNY 260.00 ($41.80) per gram. After a 0.2 percent increase, Indian gold bullion finished the day at INR 28,151 ($466.79) per 10 grams. After dropping for two days, the price of US gold bullion flattened at $1,302.
At JPY 4,705 ($45.92) per gram, Japanese platinum bar fell 0.8 percent on Thursday. The price of Chinese platinum bar fell 0.3 percent to CNY 306.00 ($49.20) per gram. Following two days of downward movement, the price of US platinum bar held steady at $1,434 per ounce.
The price of US palladium bar rose 1.1 percent to $799.00 per ounce after a two-day drop. Japanese palladium bar finished the day down 0.9 percent to JPY 2,586 ($25.24) per gram. Chinese palladium bar gained 0.6 percent to finish at CNY 182.00 ($29.26) per gram.