While gold and its precious metal cousin, silver, had another rough week on the MMI, platinum prices finally starting shooting up as the South African Mining strike enters its fifth month. Stockpiles of platinum and palladium stored by industrial users are finally starting to dry up. The London Metal Exchange and CME Group both let slip plans to replace London’s Silver “Fix,” which is being retired by the banks that run it in August.
The biggest mover this week was Indian gold bullion with a 4.9 percent fall on the weekly Global Precious Metals MMI® to close the week at INR 25,514 ($430.70) per 10 grams. US gold bullion weakened by 3.6 percent to land at $1,246 per ounce. Japanese gold bullion saw a 3.5 percent drop-off this week to end at JPY 4,078 ($40.03) per gram. Chinese gold bullion fell 2.7 percent over the past week to CNY 252.80 ($40.44) per gram.
The price of Japanese silver fell 3.8 percent over the past week to JPY 612.00 ($6.01) per 10 grams. This was the third week in a row of declining prices. US silver prices fell to $18.80 per ounce, down from $19.44 a week ago. The price of Indian silver dropped 3.0 percent this week, closing out the third consecutive week of falling prices at INR 40,542 ($684.38) per kilogram. The price of Chinese silver fell 0.4 percent to CNY 4,160 ($665.46) per kilogram after rising 0.8 percent the week before.
Following a 0.8 percent increase in the week prior, the price of US platinum bar fell 2.9 percent last week to $1,432 per ounce. The price of Japanese platinum bar fell 2.3 percent to JPY 4,740 ($46.52) per gram after rising 1.0 percent the week before. Following a 1.3 percent increase in the week prior, the price of Chinese platinum bar fell 1.0 percent last week to CNY 312.00 ($49.91) per gram.
Japanese palladium bar gained a slight 1.6 percent this past week, finishing at JPY 2,730 ($26.80) per gram. The price of Chinese palladium bar fell 0.5 percent to CNY 189.00 ($30.23) per gram after rising 3.3 percent the week before. US palladium bar prices held steady from the previous week at $831.00 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: info (at) agmetalminer (dot) com.