While a strong dollar and other currencies are making it hard for precious metals to gain traction, festival season in India gave gold there a slight boost.
Silver prices hit a 4-year low this week as the metal continues to fall, tumbling more than 5% this week.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US silver, which saw a 5.3% decline to $17.54 per ounce. Last week marked the fourth in a row of declining prices for the metal. Following a 1.4% increase in the week prior, the price of Japanese silver fell 5.1% last week to JPY 615.00 ($5.62) per 10 grams. The price of Indian silver fell 0.6% over the past week to INR 39,100 ($637.21) per kilogram. This was the third week in a row of declining prices. Chinese silver prices held steady from the previous week at CNY 3,925 ($634.70) per kilogram.
The price of Indian gold bullion rose 1.0% to INR 26,902 ($438.42) per 10 grams after falling 1.8% during the previous week. Closing out the third week of declining prices, the price of US gold bullion dropped by 0.6%, finishing at $1,218 per ounce. The price of Chinese gold bullion rose 0.4% to CNY 241.21 ($39.01) per gram after falling 1.7% during the previous week. The price of Japanese gold bullion fell 0.1% to JPY 4,285 ($39.16) per gram after rising 0.8% the week before.
Following a 1.1% increase in the week prior, the price of Japanese platinum bar fell 3.2% last week to JPY 4,590 ($41.95) per gram. For the third week in a row, the price of US platinum bar dropped, falling 2.9% to $1,303 per ounce. The price of Chinese platinum bar dropped 2.1% this week, closing out the third consecutive week of falling prices at CNY 274.00 ($44.31) per gram.
At $786.00 per ounce, the price of US palladium bar finished the week down 5.0%. The price of Chinese palladium bar dropped 4.4% this week, closing out the third consecutive week of falling prices at CNY 172.00 ($27.81) per gram. The price of Japanese palladium bar decreased to JPY 2,839 ($25.95) per gram, a 3.7% decline from the previous week.
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.