Global precious metals have been strongly affected this week by the ongoing platinum miners strike in South Africa and Federal Reserve actions and statements that have been bolstering the dollar and hurting gold and silver’s value as hedges against a falling dollar. Renewed tensions between Russia and Ukraine also factored into the platinum equation as Russia is a major miner and manufacturer of the metal.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 3.4 percent decline to JPY 626.00 ($6.12) per 10 grams. This comes on the heels of a 1.1 percent increase the week before. The price of Indian silver increased by a slight 0.4 percent over the past week to INR 44,470 ($740.80) per kilogram. The price of Chinese silver fell 0.2 percent to CNY 4,110 ($656.64) per kilogram after rising 2.4 percent the week before. At $19.50 per ounce, the week finished with no movement for US silver.
The price of US gold bullion rose 1.4 percent to $1,312 per ounce after falling 0.6 percent during the previous week. The price of Japanese gold bullion declined 0.7 percent over the past week, settling at JPY 4,219 ($41.28) per gram. Following a 2.0 percent increase in the week prior, the price of Indian gold bullion fell 0.7 percent last week to INR 28,240 ($470.43) per 10 grams. Chinese gold bullion saw its price rise 0.3 percent over the past week to CNY 262.90 ($42.00) per gram.
In the past week, US platinum bar saw its price shift up 2.1 percent to $1,442 per ounce. Chinese platinum bar gained a slight 1.6 percent this past week, finishing at CNY 309.00 ($49.37) per gram. Japanese platinum bar rose 0.7 percent over the past week to JPY 4,692 ($45.91) per gram.
The price of Japanese palladium bar rose 1.5 percent to JPY 2,665 ($26.07) per gram after falling 0.6 percent during the previous week. Closing out the third week of rising prices, the price of US palladium bar increased by 1.4 percent, landing at $811.00 per ounce. The price of Chinese palladium bar rose 1.1 percent this week, closing out the third week at CNY 185.00 ($29.56) 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.