Palladium Hits 13-Year High In Another Strong Week for Precious Metals

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The dollar’s recent rally has begun to fade and investors await clearer signs from the Federal Reserve that it is on track to raise US interest rates next year, Reuters reported, while palladium touched a 13-year high.

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A strong nonfarm payrolls report last week pressured gold prices, with speculation that the Fed could increase rates as soon as the first quarter of 2015 raising the prospect that investors could switch to interest-paying assets.

The market is awaiting the release of minutes from the Fed’s June policy meeting on Wednesday to gauge the central bank’s view on interest rates and economic strength.

Japanese palladium bar improved by 3.8 percent, reaching JPY 2,860 ($28.01) per gram on the weekly Global Precious Metals MMI®. The price of Chinese palladium bar increased by a slight 2.7 percent over the past week to CNY 192.00 ($30.93) per gram. Closing at $862.00 per ounce for the week, US palladium bar rose by a slight 2.0 percent. Today, US palladium after hit a 13-year peak at $873.75 at mid-day, although markets are still open as of this report.

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Japanese platinum bar rose 1.7 percent over the past week to JPY 4,915 ($48.13) per gram. Following a 1.3 percent increase, Chinese platinum bar finished the week at CNY 318.00 ($51.23) per gram. US platinum bar prices ticked up 0.3 percent over the past week to $1,486 per ounce.

The price of Japanese gold bullion rose 0.5 percent to JPY 4,307 ($42.18) per gram after falling 0.2 percent during the previous week. Indian gold bullion fell 0.4 percent over the past week to INR 27,586 ($461.58) per 10 grams. The price of US gold bullion fell 0.3 percent to $1,314 per ounce after rising 0.2 percent the week before. Prices for Chinese gold bullion remained constant, closing the week at CNY 262.67 ($42.31) per gram.

The price of Japanese silver increased 1.0 percent this week, closing out the fourth consecutive week of rising prices at JPY 687.00 ($6.73) per 10 grams. The price of Chinese silver rose 0.3 percent to CNY 4,305 ($693.50) per kilogram after falling 0.8 percent during the previous week. US silver saw its price rise 0.3 percent over the past week to $20.93 per ounce. Indian silver prices held steady from the previous week at INR 45,830 ($766.85) per kilogram.

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.

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