Gold, Palladium Driven Down by a Strong Dollar This Week

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The story in precious metals this week was a stronger US dollar pushing down prices for hedging metals such as gold and even for industrial stars of the summer such as palladium.

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Thanks to relative peace in eastern Ukraine, palladium’s boom has turned to bust. The outlook is even worse for gold which is fighting against stronger currencies the world over. COMEX Gold futures hit an eight-month low last week.

Platinum and silver took a hit from the strong dollar, as well.

After drifting 5.4 percent, US palladium bar dropped to $833.00 per ounce making it the biggest mover on the weekly Global Precious Metals MMI® this week. Chinese palladium bar weakened by 5.2 percent to land at CNY 184.00 ($30.00) per gram. Following a 1.0 percent increase in the week prior, the price of Japanese palladium bar fell 2.5 percent last week to JPY 2,947 ($27.46) per gram.

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The price of Chinese platinum bar decreased to CNY 287.00 ($46.79) per gram, a 3.4 percent decline from the previous week. The price of US platinum bar dropped 2.4 percent this week, closing out the third consecutive week of falling prices at $1,360 per ounce. After a 1.9 percent decline, Japanese platinum bar closed out the week at JPY 4,693 ($43.73) per gram.

Chinese gold bullion fell 2.4 percent over the past week to CNY 244.22 ($39.82) per gram. For the third week in a row, the price of Indian gold bullion dropped, falling 1.7 percent to INR 27,126 ($445.92) per 10 grams. The price of US gold bullion fell 1.6 percent over the past week to $1,233 per ounce. This was the third week in a row of declining prices. After a 0.6 percent decline, Japanese gold bullion closed out the week at JPY 4,259 ($39.68) per gram.

The price of US silver fell 1.9 percent over the past week to $18.61 per ounce. This was the third week in a row of declining prices. Indian silver fell 1.6 percent over the past week to INR 41,400 ($680.57) per kilogram. The price of Chinese silver declined 1.3 percent over the past week, settling at CNY 4,120 ($671.70) per kilogram. Japanese silver prices were off slightly at JPY 639.00 ($5.95) per 10 grams, down from JPY 647.00 ($6.15) a week ago.

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.

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