Silver prices are likely to stabilize this year, as increased interest from investors balances out greater production of the metal by miners, commodities consulting firm CPM said in a Wall Street Journal article. A period of stabilizing prices “should provide investors with confidence to step in as buyers, as their fears that prices could continue to decline are quelled,” CPM analysts wrote in their annual Silver Yearbook, which was released Tuesday.
With a decline of 3.6 percent to INR 42,000 ($696.37) per kilogram on Friday, May 2, Indian silver recorded the biggest price drift of the day. US silver ended the day at $19.02 per ounce, after the 0.7 percent drop last Friday. At CNY 4,095 ($654.21) per kilogram, the price of Chinese silver was essentially unchanged. Japanese silver held its value last Friday at JPY 628.00 ($6.14) per 10 grams.
The price of Indian gold bullion fell 0.8 percent to INR 27,928 ($463.05) per 10 grams. US gold bullion closed 0.5 percent lower at $1,285 per ounce. The price of Chinese gold bullion showed little movement last Friday at CNY 260.55 ($41.62) per gram. The price of Japanese gold bullion held steady at JPY 4,236 ($41.42) per gram.
US platinum bar saw little change in its price last Friday at $1,419 per ounce. The price of Chinese platinum bar remained essentially flat at CNY 305.00 ($48.73) per gram. Japanese platinum bar stayed flat at around JPY 4,685 ($45.81) per gram.
The price of US palladium bar increased 0.6 percent to $812.00 per ounce. The price of Japanese palladium bar remained essentially flat at JPY 2,630 ($25.71) per gram. The price of Chinese palladium bar remained steady at CNY 181.00 ($28.92) per gram.