Gold and Silver Hit New Lows, Spur Bargain Buying This Week

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Precious metals have been hit hard by a stronger US dollar that’s lifted other currencies and limited the appeal of hedging metals such as gold and silver this week. Nowhere has this effect been more pronounced than in India where bargain basement prices are finally driving up demand that had dwindled after the lowest prices in months.

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MetalMiner lead forecaster, Raul De Frutos, saw this coming.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 5.0 percent decline to INR 39,348 ($646.37) per kilogram. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the price of Chinese silver dropped by 4.7 percent, finishing at CNY 3,925 ($637.50) per kilogram. The price of Japanese silver rose 1.4 percent to JPY 648.00 ($5.95) per 10 grams after falling 1.2 percent during the previous week. The price of US silver fell 0.5 percent over the past week to $18.52 per ounce. This was the third week in a row of declining prices.

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The price of Indian gold bullion fell 1.8 percent over the past week to INR 26,640 ($437.61) per 10 grams. This was the third week in a row of declining prices. The price of Chinese gold bullion dropped 1.7 percent this week, closing out the third consecutive week of falling prices at CNY 240.15 ($39.01) per gram. The price of Japanese gold bullion rose 0.8 percent to JPY 4,291 ($39.38) per gram after falling 0.6 percent during the previous week. The price of US gold bullion fell 0.7 percent over the past week to $1,225 per ounce. This was the third week in a row of declining prices.

At CNY 280.00 ($45.48) per gram, the price of Chinese platinum bar finished the week down 2.4 percent. After a 1.3 percent decline, US platinum bar closed out the week at $1,342 per ounce. The price of Japanese platinum bar rose 1.1 percent to JPY 4,743 ($43.53) per gram after falling 1.9 percent during the previous week.

The price of Chinese palladium bar fell 2.2 percent over the past week to CNY 180.00 ($29.24) per gram. This was the third week in a row of declining prices. At $827.00 per ounce, the price of US palladium bar finished the week down 0.7 percent. Japanese palladium bar traded sideways last week, hovering around JPY 2,947 ($27.05) per gram.

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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