Another Strong Day for Palladium

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Strong demand from the automotive sector, industrial action at mines in South Africa, a key producer, and the successful launch of a palladium-backed exchange traded fund, has seen palladium emerge as the preferred precious metal for commodity investors, the Financial Times said.

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Closing at $866.00 per ounce on the Monday, August 11, US palladium bar rose 1.5 percent to finish as the day’s biggest mover. At CNY 189.00 ($30.69), the price of Chinese palladium bar finished the market day up 0.5 percent per gram. The price of Japanese palladium bar rose by 0.5 percent to JPY 2,869 ($28.08) yesterday after remaining flat for two days.

These factors have helped push the price up 18 percent since the start of the year. This compares with gold up around 9 percent, platinum (6.8 per cent) and silver (1.4 percent).

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Weakening prices followed two days of improvement as the price of US platinum bar dropped 0.4 percent to $1,468 per ounce. Japanese platinum bar finished the day down 0.3 percent to JPY 4,840 ($47.38) per gram. Chinese platinum bar stayed flat at around CNY 310.00 ($50.33) per gram.

After improving for two days, the price of Indian gold bullion declined 1.5 percent to INR 28,529 ($466.82) per 10 grams. The price of Chinese gold bullion changed direction with a 0.7 percent drop. After two days of improving prices, the metal finished at CNY 258.85 ($42.03) per gram. The price of US gold bullion closed at $1,307 per ounce. Following a couple days of improvement, the metal’s price weakened by 0.5 percent. Japanese gold bullion ended the day at JPY 4,285 ($41.95) per gram, after the 0.3 percent drop on Monday.

Following two days of rising prices, the price of Indian silver dropped 1.2 percent to INR 44,346 ($725.64) per kilogram. The price of Japanese silver fell 1.1 percent to JPY 650.00 ($6.36) per 10 grams. Chinese silver prices inched up 0.2 percent to CNY 4,270 ($693.28) per kilogram. US silver gained 0.1 percent to finish at $19.97 per ounce.

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