The South African miners’ strike continued to make platinum and palladium the big movers in global precious metals this week. Violence erupted in the four-month strike this week as some Lonmin PLC workers attempted to return to their job sites.
Gold and silver have mostly stabilized in price as currencies have somewhat weakened since our last global precious metals report. Federal Reserve meeting minutes are set to be released later this week and could have an effect on the investment metals.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese platinum bar, which saw a 22.8 percent decline to CNY 311.00 ($49.92) per gram. This comes on the heels of a 30.4 percent increase the week before. The price of Japanese platinum bar rose 2.2 percent this week, closing out the third week at JPY 4,804 ($47.30) per gram. The price of US platinum bar rose 1.8 percent to $1,463 per ounce after falling 0.3 percent during the previous week.
The price of Japanese palladium bar rose 2.1 percent to JPY 2,687 ($26.46) per gram after falling 1.2 percent during the previous week. The price of Chinese palladium bar rose 1.7 percent to CNY 184.00 ($29.54) per gram after falling 2.2 percent during the previous week. The price of US palladium bar rose 0.7 percent to $809.00 per ounce after falling 1.0 percent during the previous week.
For the third week in a row, the price of Indian gold bullion dropped, falling 1.0 percent to INR 27,450 ($468.67) per 10 grams. The price of Chinese gold bullion rose 0.6 percent to CNY 260.30 ($41.79) per gram after falling 1.6 percent during the previous week. The price of Japanese gold bullion increased by a slight 0.2 percent over the past week to JPY 4,231 ($41.66) per gram. US gold bullion prices were off slightly at $1,297 per ounce, down from $1,299 a week ago.
Japanese silver gained a slight 2.1 percent this past week, finishing at JPY 642.00 ($6.32) per 10 grams. The price of Indian silver rose 1.4 percent to INR 42,811 ($730.94) per kilogram after falling 5.1 percent during the previous week. Chinese silver rose 0.7 percent over the past week to CNY 4,140 ($664.59) per kilogram. Following a 0.2 percent increase in the week prior, the price of US silver fell 0.4 percent last week to $19.46 per ounce.
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: email@example.com.