Time to Buy Yet? Silver Prices Hit a 4-Year Low

by on
Silver

The HSBC flash reading on manufacturing (PMI) for September is expected to dip to the flat level of 50.0 from August’s microscopically expansionary 50.2, though the market is braced for an even weaker number.

FREE Download: The Monthly MMI® Report – covering the Precious markets.

Among the commodities under pressure from the US dollar, gold touched its lowest since January at $1,208.36 an ounce before steadying. US silver hit $17.30 an ounce, its lowest since June 2010.

The price of Japanese silver closed at JPY 622.00 ($5.72) per 10 grams. Following a couple days of improvement, prices fell by 4.0 percent. Chinese silver closed 0.6 percent lower at CNY 3,900 ($635.19) per kilogram. After falling for two days, the price of Indian silver rose 0.1 percent to INR 39,400 ($645.80) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

After improving for two days, the price of Japanese gold bullion declined 1.1 percent to JPY 4,245 ($39.03) per gram. The price of US gold bullion fell 0.8 percent to $1,215 per ounce. Following a two-day drop, the price of Indian gold bullion increased by 0.4 percent to INR 26,749 ($438.44) per 10 grams. Following a 0.4 percent rise on Tuesday, the price of Chinese gold bullion closed at CNY 241.00 ($39.25) per gram.

The price of Japanese platinum bar changed direction with a 1.5 percent drop. After two days of improving prices, the metal finished at JPY 4,670 ($42.94) per gram. Following two days of downward movement, the price of Chinese platinum bar held steady at CNY 280.00 ($45.60) per gram. The price of US platinum bar remained steady at $1,342 per ounce.

Chinese palladium bar finished the day down 1.1 percent to CNY 178.00 ($28.99) per gram. After three essentially changeless days, the price of Japanese palladium bar dropped 0.2 percent yesterday to JPY 2,942 ($27.05) per gram. US palladium bar saw little change in its price yesterday at $827.00 per ounce.

{Comments Off on Time to Buy Yet? Silver Prices Hit a 4-Year Low Comments Off on Time to Buy Yet? Silver Prices Hit a 4-Year Low}