Palladium was down in precious metals this week, after a week of solid gains. Gold has shown surprising strength after getting a boost from weak housing numbers. A strong dollar is usually bad for gold but other economic indicators kept it on the rise this week.
The pace of new-home sales fell to the slowest in four months last month, signaling US real estate lacks the vigor to propel faster growth in the economy. Purchases unexpectedly declined 2.4 percent to a 412,000 annualized pace, weaker than the lowest estimate of economists surveyed by Bloomberg.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 3.5 percent decline to INR 41,998 ($694.58) per kilogram. This week marked the third in a row of declining prices for the metal. At $19.37 per ounce, the price of US silver finished the week down 1.4 percent. For the third week in a row, the price of Chinese silver dropped, falling 0.6 percent to CNY 4,185 ($677.90) per kilogram. Japanese silver prices held steady from the previous week at JPY 636.00 ($6.10) per 10 grams.
Indian gold bullion saw a 2.8 percent decline over the past week to INR 27,625 ($456.87) per 10 grams. US gold bullion prices were off slightly at $1,278 per ounce, down from $1,298 a week ago. Chinese gold bullion fell 1.5 percent over the past week to CNY 253.60 ($41.08) per gram. After a 0.3 percent decline, Japanese gold bullion closed out the week at JPY 4,269 ($40.97) per gram.
The price of Chinese platinum bar fell 2.3 percent over the past week to CNY 299.00 ($48.43) per gram. This was the third week in a row of declining prices. The price of US platinum bar dropped 2.1 percent this week, closing out the third consecutive week of falling prices at $1,414 per ounce. At JPY 4,748 ($45.56) per gram, the price of Japanese platinum bar finished the week down 1.2 percent.
The price of US palladium bar fell 2.0 percent to $876.00 per ounce after rising 3.2 percent the week before. Following a 3.2 percent increase in the week prior, the price of Chinese palladium bar fell 1.5 percent last week to CNY 192.00 ($31.10) per gram. The price of Japanese palladium bar fell 1.4 percent to JPY 2,900 ($27.83) per gram after rising 2.5 percent the week before.
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.