Gold dropped this week as a strong US dollar hindered its value as a hedging metal. MetalMiner Lead Forecaster Raul De Frutos Predicts gold will enter bear market territory this year if the dollar keeps strengthening.
However, gold is still matching up well with European currencies who are losing ground to the dollar, as well.
The price of palladium continues to be the breakout star of the precious metals sector.
The Week in Precious Metals Prices
Japanese palladium bar improved by 2.8 percent, reaching JPY 2,955 ($28.81) per gram on the weekly Global Precious Metals MMI®. Closing out the third week of declining prices, the price of Chinese palladium bar dropped by 1.0 percent, finishing at CNY 191.00 ($30.91) per gram. The price of US palladium bar declined 0.8 percent over the past week, settling at $870.00 per ounce.
At CNY 308.00 ($49.84) per gram, the price of Chinese platinum bar finished the week down 1.3 percent. The price of Japanese platinum bar rose 1.1 percent to JPY 4,859 ($47.38) per gram after falling 1.3 percent during the previous week. The price of US platinum bar fell 0.8 percent over the past week to $1,462 per ounce. This was the fourth week in a row of declining prices.
The price of US gold bullion dropped 1.1 percent this week, closing out the third consecutive week of falling prices at $1,294 per ounce. The price of Chinese gold bullion fell 0.9 percent over the past week to CNY 257.45 ($41.66) per gram. This was the third week in a row of declining prices. The price of Indian gold bullion increased by a slight 0.5 percent over the past week to INR 28,175 ($463.17) per 10 grams. The price of Japanese gold bullion rose 0.4 percent to JPY 4,251 ($41.45) per gram after falling 0.9 percent during the previous week.
The price of US silver fell 2.1 percent over the past week to $20.32 per ounce. This was the fourth week in a row of declining prices. The price of Japanese silver rose 2.0 percent to JPY 677.00 ($6.60) per 10 grams after falling 2.2 percent during the previous week. For the third week in a row, the price of Chinese silver dropped, falling 0.1 percent to CNY 4,310 ($697.41) per kilogram. Indian silver remained essentially flat from the previous week at INR 45,193 ($742.93) 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.