Palladium futures climbed to a 13-year high on concern that global supplies will trail demand for the metal used in pollution-control devices in cars, exacerbating a deficit, Bloomberg News reported this week.
We also lost our 117-year-old buddy the London Silver Fix this week.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US palladium bar, which saw a 3.2 percent increase to $894.00 per ounce. This comes on the heels of a 0.5 percent decline the week prior. The price of Chinese palladium bar rose 3.2 percent to CNY 195.00 ($31.71) per gram after falling 1.0 percent during the previous week. The price of Japanese palladium bar rose 2.5 percent to JPY 2,940 ($28.71) per gram after falling 2.9 percent during the previous week.
Following a 0.4 percent increase in the week prior, the price of US platinum bar fell 1.6 percent last week to $1,445 per ounce. The price of Chinese platinum bar fell 1.3 percent to CNY 306.00 ($49.75) per gram after rising 0.6 percent the week before. Japanese platinum bar prices were off slightly at JPY 4,806 ($46.93) per gram, down from JPY 4,840 ($47.38) a week ago.
Following a 1.0 percent increase in the week prior, the price of US gold bullion fell 0.7 percent last week to $1,298 per ounce. The price of Chinese gold bullion fell 0.5 percent to CNY 257.43 ($41.86) per gram after rising 0.5 percent the week before. Following a 1.3 percent increase in the week prior, the price of Indian gold bullion fell 0.4 percent last week to INR 28,422 ($466.16) per 10 grams. Prices for Japanese gold bullion remained constant, closing the week at JPY 4,283 ($41.82) per gram.
The price of Japanese silver fell 2.2 percent over the past week to JPY 636.00 ($6.21) per 10 grams. This was the third week in a row of declining prices. At INR 43,510 ($713.63) per kilogram, the price of Indian silver finished the week down 1.9 percent. For the third week in a row, the price of US silver dropped, falling 1.6 percent to $19.64 per ounce. Closing out the third week of declining prices, the price of Chinese silver dropped by 1.4 percent, finishing at CNY 4,210 ($684.53) 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.