Palladium fell on Wednesday as signs of progress in diplomatic talks between Russia and Ukraine soothed worries about possible supply disruptions from the world’s top producer of the metal (Russia), the Wall Street Journal reported.
Ukrainian President Petro Poroshenko and the main separatist rebel leader are meeting today with the goal of signing a peace plan by Friday. Both have also called for ceasefires to begin Friday, provided a deal is reached.
Chinese palladium bar saw a 1.5 percent drop on Wednesday, September 3, landing at CNY 194.00 ($31.49) per gram and making it the biggest mover of the day. After holding steady for the past few days, the price of US palladium bar fell 0.5 percent, closing at $879.00 per ounce. The price of Japanese palladium bar steadied at JPY 3,023 ($28.73) per gram following two-days of increases.
The price of Chinese platinum bar dropped by 0.7 percent to CNY 298.00 ($48.37) per gram after holding steady. Japanese platinum bar prices rose 0.6 percent to JPY 4,805 ($45.66) per gram. The price of US platinum bar saw essentially no change for the fifth day in a row, remaining around $1,401 per ounce.
Indian gold bullion prices saw a 1.2 percent decline to INR 27,735 ($457.20) per 10 grams. Chinese gold bullion closed 1.2 percent lower at CNY 250.92 ($40.73) per gram. The price of US gold bullion fell 1.2 percent on Wednesday to $1,266 per ounce after three straight days with no change. At JPY 4,317 ($41.02), the price of Japanese gold bullion finished the market day up 0.3 percent per gram.
The price of Indian silver fell 1.2 percent to INR 42,352 ($698.16) per kilogram. After remaining flat for three days, the price of US silver fell 1.1 percent yesterday to $19.14 per ounce. At CNY 4,175 ($677.65) per kilogram, Chinese silver fell 0.9 percent on Wednesday. Japanese silver prices inched up 0.3 percent to JPY 653.00 ($6.21) per 10 grams.