Palladium prices surged to a three-year high, reflecting investors’ concerns that a mining strike in the second-largest producer, South Africa, will choke off supplies.
The metal, which is mainly used in car-exhaust filters, is trading just about $3 below its highest price since February 2001. Investors are piling into the market, betting a prolonged interruption in supplies out of South Africa will lead to a shortage for automakers later this year, the Wall Street Journal reported.
At INR 41,546 ($699.96) per kilogram, Indian silver moved up 1.8 percent on Thursday, June 12, the day’s biggest change. Japanese silver gained 0.8 percent to finish at JPY 633.00 ($6.21) per 10 grams. The price of Chinese silver changed direction with a 0.1 percent drop. After two days of improving prices, the metal finished at CNY 4,075 ($654.23) per kilogram. At $19.20 per ounce, the price of US silver was essentially unchanged.
The price of Japanese gold bullion finished the day at JPY 4,148 ($40.66) per gram following a 0.5 percent increase. The price of Indian gold bullion declined 0.5 percent to INR 26,132 ($440.27) per 10 grams, after two days of improvement. The price of Chinese gold bullion declined 0.2 percent to CNY 252.50 ($40.54) per gram. The price of US gold bullion showed little movement on Thursday at $1,261 per ounce.
The price of Japanese platinum bar increased 1.3 percent to JPY 4,841 ($47.46) per gram. The price of Chinese platinum bar fell 0.3 percent to CNY 313.00 ($50.25) per gram. After a couple of days of improving prices, the price of US platinum bar held steady at $1,477.
US palladium bar prices rose 0.7 percent to $858.00 per ounce. Chinese palladium bar prices inched up 0.5 percent to CNY 191.00 ($30.66) per gram. Closing at JPY 2,754 ($27.00) per gram put the price of Japanese palladium bar at a month high.