Indian Silver Jumps 5.9%, Possibly Because of More Automotive Use

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Fabrication usage of silver including by makers of cars, jewelry and tableware will rise 2.9 percent this year to 890.7 million ounces, the most since 2005, CPM said. Silver content is increasing in vehicles with more electronics, according to Metals Focus Ltd., a London-based research company. After dropping last year, demand from electronics and battery makers will rebound in 2014, CPM forecasts.

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Indian silver saw the biggest upwards shift for the day, rising 5.9 percent to close at INR 44,470 ($740.80) per kilogram on Monday, May 5. The price of US silver rose 2.6 percent to $19.50 per ounce after a two-day drop. The price of Chinese silver finished the day at CNY 4,110 ($656.64) per kilogram following a 0.4 percent increase. Japanese silver prices saw a 0.3 percent decline to JPY 626.00 ($6.12) per 10 grams.

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Following a 2.1 percent rise yesterday, the price of US gold bullion closed at $1,312 per ounce. Following a two-day drop, the price of Indian gold bullion increased by 1.1 percent to INR 28,240 ($470.43) per 10 grams. The price of Chinese gold bullion rose by 0.9 percent to CNY 262.90 ($42.00) per gram after a three-day flat streak. The price of Japanese gold bullion declined 0.4 percent to JPY 4,219 ($41.28) per gram.

At $1,442, the price of US platinum bar finished the market day up 1.6 percent per ounce. Closing out a three-day flat streak, the price of Chinese platinum bar moved up 1.3 percent to CNY 309.00 ($49.37) per gram. After a 0.1 percent increase, Japanese platinum bar finished the day at JPY 4,692 ($45.91) per gram.

After a few days of little change, the price of Chinese palladium bar jumped 2.2 percent, landing at CNY 185.00 ($29.56) per gram. Japanese palladium bar prices inched up 1.3 percent to JPY 2,665 ($26.07) per gram. Following a couple days of improvement, the price of US palladium bar weakened by 0.1 percent. Prices closed at $811.00 per ounce.

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