Palladium’s rise on the global precious metals MMI continued this week while gold and its cousin, platinum, started to recoup gains lost from a stronger dollar. Silver remains the laggard among the precious medals, posting weekly declines at all of the bourses it’s traded on.
Russia’s position as the number two producer of platinum and palladium in the world is also causing prices to rise as further sanctions on Russia and its oligarchy could create higher demand as Russia produces 40% of the world’s palladium.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 4.0 percent decline to JPY 650.00 ($6.36) per 10 grams. This comes on the heels of a 2.0 percent increase the week before. Indian silver fell 1.9 percent over the past week to INR 44,346 ($725.64) per kilogram. US silver prices were off slightly at $19.97 per ounce, down from $20.32 a week ago. Chinese silver saw a 0.9 percent decline over the past week to CNY 4,270 ($693.28) per kilogram.
The price of Indian gold bullion rose 1.3 percent over the past week to INR 28,529 ($466.82) per 10 grams. This was the third week in a row of increasing prices. The price of US gold bullion rose 1.0 percent to $1,307 per ounce after falling 1.1 percent during the previous week. Closing out the third week of rising prices, the price of Japanese gold bullion increased by 0.8 percent, landing at JPY 4,285 ($41.95) per gram. The price of Chinese gold bullion rose 0.5 percent to CNY 258.85 ($42.03) per gram after falling 0.9 percent during the previous week.
The price of Chinese platinum bar rose 0.6 percent to CNY 310.00 ($50.33) per gram after falling 1.3 percent during the previous week. The price of US platinum bar rose 0.4 percent to $1,468 per ounce after falling 0.8 percent during the previous week. Following a 1.1 percent increase in the week prior, the price of Japanese platinum bar fell 0.4 percent last week to JPY 4,840 ($47.38) per gram.
The price of Japanese palladium bar fell 2.9 percent to JPY 2,869 ($28.08) per gram after rising 2.8 percent the week before. The price of Chinese palladium bar fell 1.0 percent over the past week to CNY 189.00 ($30.69) per gram. This was the third week in a row of declining prices. For the third week in a row, the price of US palladium bar dropped, falling 0.5 percent to $866.00 per ounce.
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.