The company that runs platinum and palladium fixings in London is seeking a new administrator for the price-setting process after similar changes were proposed for rituals in gold and silver, Bloomberg News reported.
The London Platinum & Palladium Fixing Company Ltd. will “shortly” start a request-for-proposals exercise for firms interested in assuming responsibility for the procedure that takes place each business day at 9:45 a.m. and 2 p.m. by phone, it said July 31st in a statement. BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc and Standard Bank Plc currently run the gold fix.
Weakening prices ended a three-day flat streak as the price of Japanese palladium bar fell 3.4 percent on Wednesday, August 6 to JPY 2,855 ($27.83) per gram. US palladium bar ended the day at $843.00 per ounce, after the 1.1 percent drop yesterday. The price of Chinese palladium bar declined 0.5 percent to CNY 189.00 ($30.63) per gram.
US platinum bar finished the day down 0.6 percent to $1,449 per ounce. Chinese platinum bar closed 0.3 percent lower at CNY 307.00 ($49.75) per gram. Japanese platinum bar prices saw a 0.3 percent decline to JPY 4,843 ($47.21) per gram.
The price of US gold bullion fell 0.4 percent to $1,289 per ounce. Indian gold bullion prices rose 0.4 percent to INR 28,169 ($461.18) per 10 grams. At JPY 4,259 ($41.51) per gram, Japanese gold bullion fell 0.2 percent on Wednesday. The price of Chinese gold bullion remained steady at CNY 256.60 ($41.58) per gram.
US silver prices saw a 1.9 percent decline to $19.74 per ounce. The price of Japanese silver fell 1.8 percent yesterday to JPY 665.00 ($6.48) per 10 grams after three straight days with no change. After falling 1.1 percent, prices settled at INR 44,362 ($726.29) per kilogram, driving an accelerated drop-off since Thursday, July 31. Today marks the fifth day in a row of declining prices for Indian silver. The price of Chinese silver declined 0.9 percent to CNY 4,255 ($689.55) per kilogram.