Gold Price Still Can’t Find Luster as Global Precious Index Down 1.1%

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The monthly Global Precious Metals MMI® registered a value of 94 in June, a decrease of 1.1 percent from 95 in May.

Global Precious Metals MMI June 2014

Precious metals have generally lost their luster of late. Gold steadied this week after a five-day losing streak but was still trading near its lowest level in four months as stronger equities dented the metal’s investment-hedge appeal. Silver appears range-bound with the technical risk to the downside.

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With the highest level of short positions in the Silver futures market for five years, there is the risk of a short-term rally if short covering cuts in but the longer the price fails to regain ground above $19.00 per ounce, the less likely that appears. Platinum has been supported by supply-side worries, particularly the strikes in South Africa which continue to rumble on. Should a resolution be achieved, support is likely to fall away and long positions will be liquidated. A fall in the precious metals MMI should be seen as a wider, across-the-board lack of enthusiasm for the sector by the investment community and, for the time being at least, a lack of wider geopolitical risk or economic concerns.

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At $430.70 per 10 grams, Indian gold bullion was down 9.4 percent for the month. The price of Indian silver fell 7.0 percent to $684.38 per kilogram. Japanese gold bullion prices fell 3.7 percent to $40.03 per gram. US gold bullion prices dropped by 3.5 percent this month to $1,246 per ounce. Chinese gold bullion prices fell 3.0 percent to $40.44 per gram after rising the previous month. The price of Japanese silver drifted 2.5 percent lower to $6.01 per 10 grams. The value of US silver weakened by 1.8 percent this month, settling at $18.80 per ounce.

After rising 4.4 percent, Chinese palladium bar finished the month at $30.23 per gram. Following a 3.8 percent change in price, Japanese palladium bar closed the month at $26.80 per gram. US palladium bar prices inched up 3.0 percent to $831.00 per ounce. Chinese platinum bar rose 2.3 percent to $49.91 per gram. Chinese silver gained 1.6 percent to finish the month at $665.46 per kilogram. The price of Japanese platinum bar increased 1.2 percent to $46.52 per gram. Finishing the month at $1,432 per ounce, US platinum bar recorded a 0.8 percent increase.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. 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.

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