Markets were rattled last week following news that a passenger plane was shot down over eastern Ukraine, a battleground where government troops have been fighting Russian-backed separatists. Speculation that tensions between Russia and Ukraine could boil over sent traders into precious metals.
Traders flocked back to precious metals, particularly silver, on Friday.
Closing at $21.16 per ounce on the Friday, July 18, US silver rose 1.8 percent to finish as the day’s biggest mover. Indian silver gained 1.5 percent to finish at INR 46,329 ($764.18) per kilogram. Chinese silver prices inched up 1.0 percent to CNY 4,365 ($703.51) per kilogram. The price of Japanese silver steadied at JPY 676.00 ($6.68) per 10 grams following two-days of dropping prices.
After a 1.4 percent increase, US gold bullion finished the day at $1,318 per ounce. The price of Chinese gold bullion increased 1.0 percent to CNY 262.59 ($42.32) per gram. Prices for Indian gold bullion have gained rising momentum since Monday, July 14. The metal settled at INR 27,972 ($461.39) per 10 grams after climbing 0.8 percent. The price of Japanese gold bullion is back up, rising by 0.5 percent last Friday to close at JPY 4,265 ($42.13) per gram.
US platinum bar saw its price rise 1.4 percent to $1,497 per ounce. At JPY 4,880 ($48.21), the price of Japanese platinum bar finished the market day up 0.6 percent per gram. Chinese platinum bar finished the day up 0.3 percent to CNY 316.00 ($50.93) per gram.
US palladium bar prices rose 1.4 percent to $883.00 per ounce. Chinese palladium bar finished the day up 0.5 percent to CNY 195.00 ($31.43) per gram. The price of Japanese palladium bar held steady at JPY 2,875 ($28.40) per gram.