Global Precious Metals: Russia, South Africa News Causing Platinum Mayhem

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Gold, silver and bronze

Precious metals for the week were dominated by the chaotic movements of the prices of platinum and palladium as the supply of both continues to be imperiled by the continuing South African Miners’ strike and the renewed threat of sanctions against the world’s second-biggest platinum producer, Russia, made sharp swings in prices all week. Further complicating the precious metals calculus is the fact that gold and silver have not retained their value recently as the dollar and other currencies are strengthening. All precious metals need a calmer, steadier week to start to make bigger gains.

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The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese silver, which saw a 2.4 percent increase to CNY 4,120 ($658.88) per kilogram. This comes on the heels of a 3.1 percent decline the week prior. Indian silver gained a slight 1.8 percent this past week, finishing at INR 44,290 ($731.51) per kilogram. The price of Japanese silver rose 1.1 percent to JPY 648.00 ($6.32) per 10 grams after falling 1.7 percent during the previous week. For the third week in a row, the price of US silver dropped, falling 0.7 percent to $19.52 per ounce.

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The price of Indian gold bullion rose 2.0 percent to INR 28,435 ($469.64) per 10 grams after falling 3.1 percent during the previous week. The price of Chinese gold bullion rose 1.8 percent to CNY 262.20 ($41.93) per gram after falling 2.8 percent during the previous week. The price of US gold bullion declined 0.6 percent over the past week, settling at $1,294 per ounce. Japanese gold bullion traded sideways last week, hovering around JPY 4,249 ($41.44) per gram.

The price of Chinese platinum bar rose 1.0 percent to CNY 304.00 ($48.62) per gram after falling 3.2 percent during the previous week. The price of Japanese platinum bar rose 0.5 percent to JPY 4,660 ($45.45) per gram after falling 3.0 percent during the previous week. The price of US platinum bar rose 0.4 percent to $1,413 per ounce after falling 3.9 percent during the previous week.

The price of Chinese palladium bar rose 1.1 percent to CNY 183.00 ($29.27) per gram after falling 2.7 percent during the previous week. The price of US palladium bar rose 0.8 percent to $800.00 per ounce after falling 2.0 percent during the previous week. Following a 0.2 percent increase in the week prior, the price of Japanese palladium bar fell 0.6 percent last week to JPY 2,625 ($25.60) per gram.

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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