On Friday, the first London Bullion Market Association Silver Price was set at $19.86 per ounce this morning.
“Through our existing relationships with market participants and the broader silver marketplace we are uniquely positioned to provide a seamless transition for the spot silver benchmark in London,” said William Knottenbelt, Senior Managing Director at CME Group which is managing the online, auction-style platform for the new benchmark, Thomson-Reuters is administering it and providing governance. “CME Group has a long and successful history of offering benchmark risk management and price discovery solutions for the global precious metals markets. With the recent launch of CME Europe, strong growth in CME Clearing Europe and the other recent announcements around our European growth strategy, the launch of the LBMA Silver Price adds another commodity benchmark service to our quickly growing suite of leading European services.
This was the first business day in 117 years wherein the price was not verbally “fixed” by at least three participating banks.
Following two days of increases, the price of Indian silver dropped by 0.8 percent to end at INR 44,225 ($723.92) per kilogram on Thursday, August 14. At $19.81 per ounce, US silver fell 0.5 percent on Thursday. Chinese silver closed 0.5 percent lower at CNY 4,260 ($692.01) per kilogram. At JPY 651.00 ($6.36) per 10 grams, the price of Japanese silver was essentially unchanged.
The price of US gold bullion finished the day at $1,312 per ounce following a 0.3 percent increase. The price of Chinese gold bullion increased 0.2 percent to CNY 260.11 ($42.25) per gram. After a couple of days of improving prices, the price of Indian gold bullion held steady at INR 28,709 ($469.94). The price of Japanese gold bullion steadied at JPY 4,305 ($42.03) per gram following two-days of increases.
The price of US platinum bar held steady at $1,463 per ounce. The price of Chinese platinum bar remained essentially flat at CNY 308.00 ($50.03) per gram. Japanese platinum bar held its value yesterday at JPY 4,845 ($47.31) per gram.
US palladium bar saw its price rise 0.1 percent to $876.00 per ounce. Japanese palladium bar saw little change in its price on Thursday at JPY 2,898 ($28.30) per gram. The price of Chinese palladium bar ended a two-day climb, settling at CNY 193.00 ($31.35) per gram.