Global Precious Metals MMI®: Palladium Down As South African Strike Eases

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Platinum and palladium prices posted the steepest losses in months on Monday after companies that mine the metals took a step toward ending a worker strike in South Africa, according to the Wall Street Journal.

Platinum for July delivery, the most active contract, fell 2%, the biggest one-day percentage loss since Jan. 24, a day after the strike began. The contract ended down $28 at $1,400.70 a troy ounce on the New York Mercantile Exchange, the lowest price in nearly a month.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US platinum bar, which saw a 3.9 percent decline over the week to $1,408 per ounce. This comes on the heels of a 1.5 percent increase the week before. Following a 1.3 percent increase in the week prior, the price of Chinese platinum bar fell 3.2 percent last week to CNY 301.00 ($48.32) per gram. The price of Japanese platinum bar fell 3.0 percent to JPY 4,635 ($45.19) per gram after rising 0.4 percent the week before.

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Following a 3.9 percent increase in the week prior, the price of Chinese palladium bar fell 2.7 percent last week to CNY 181.00 ($29.05) per gram. The price of US palladium bar fell 2.0 percent to $794.00 per ounce after rising 3.1 percent the week before. Following a 0.2 percent increase, Japanese palladium bar finished the week at JPY 2,640 ($25.74) per gram.

Following a 0.5 percent increase in the week prior, the price of Indian gold bullion fell 3.1 percent last week to INR 27,878 ($462.21) per 10 grams. The price of Chinese gold bullion fell 2.8 percent to CNY 257.50 ($41.33) per gram after rising 3.3 percent the week before. Following a 2.0 percent increase in the week prior, the price of US gold bullion fell 2.0 percent last week to $1,302 per ounce. The price of Japanese gold bullion fell 1.8 percent to JPY 4,253 ($41.46) per gram after rising 0.4 percent the week before.

Following a 1.2 percent increase in the week prior, the price of Chinese silver fell 3.1 percent last week to CNY 4,025 ($646.10) per kilogram. The price of US silver fell 1.8 percent to $19.65 per ounce after rising 0.2 percent the week before. The price of Japanese silver fell 1.7 percent over the past week to JPY 641.00 ($6.25) per 10 grams. This was the third week in a row of declining prices. Indian silver prices held steady from the previous week at INR 43,504 ($721.28) per kilogram.

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@agmetalminer.com.

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