Silver prices are nearly unchanged on the year, underperforming the rest of the precious metals but with its sluggish price action, options volatility levels are near multiyear lows for silver. This week, the regular drivers of platinum and palladium price increases took a bit of a rest. Russian President Vladimir Putin warned separatists in Ukraine to not attempt to secede from Ukraine, calming tensions that have increased platinum’s price nearly all year.
Federal Reserve actions have even hindered gold and silver’s ability to grow this week.
Chinese platinum bar saw the largest upwards shift on the weekly Global Precious Metals MMI®, rising to CNY 303.00 ($48.64) per gram. Following a 2.1 percent increase in the week prior, the price of US platinum bar fell 0.3 percent last week to $1,437 per ounce. Closing at JPY 4,700 ($46.13) per gram for the week, Japanese platinum bar rose by a slight 0.2 percent.
The price of Chinese palladium bar fell 2.2 percent to CNY 181.00 ($29.06) per gram after rising 1.1 percent the week before. Following a 1.5 percent increase in the week prior, the price of Japanese palladium bar fell 1.2 percent last week to JPY 2,633 ($25.84) per gram. The price of US palladium bar fell 1.0 percent to $803.00 per ounce after rising 1.4 percent the week before.
Indian gold bullion saw a 1.8 percent decline over the past week to INR 27,727 ($463.20) per 10 grams. Following a 0.3 percent increase in the week prior, the price of Chinese gold bullion fell 1.6 percent last week to CNY 258.62 ($41.52) per gram. The price of US gold bullion fell 1.0 percent to $1,299 per ounce after rising 1.4 percent the week before. Following a steady week, prices for Japanese gold bullion closed flat at JPY 4,221 ($41.42) per gram.
Following a 0.4 percent increase in the week prior, the price of Indian silver fell 5.1 percent last week to INR 42,207 ($705.10) per kilogram. The price of Japanese silver rose 0.5 percent to JPY 629.00 ($6.17) per 10 grams after falling 3.4 percent during the previous week. US silver rose 0.2 percent over the past week to $19.55 per ounce. At CNY 4,110 ($659.90) per kilogram, the week finished with no movement for Chinese silver.
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.