Platinum, Palladium Get No Help From Chinese, European Growth Forecasts

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Prices for platinum and palladium fell to new lows Thursday, as slowing growth in Europe and China sparked concerns about demand for the precious metals.

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The most actively traded platinum futures contract fell to its lowest level since Sept. 4, 2009. January platinum settled down $19.20, or 1.5%, to $1,270.40 a troy ounce on the Comex division of the New York Mercantile Exchange. Palladium fell 2% to $768.65 a troy ounce, the lowest price since April 7.

Closing at $1,276 per ounce on Thursday, October 2, US platinum bar saw the biggest change at a 1.4%. The price of Chinese platinum bar remained steady at CNY 275.00 ($44.80) per gram. Japanese platinum bar held its value yesterday at JPY 4,532 ($41.57) per gram.

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US palladium bar gained 0.8% to finish at $774.00 per ounce. Japanese palladium bar stayed flat at around JPY 2,790 ($25.59) per gram. Chinese palladium bar saw little change in its price yesterday at CNY 175.00 ($28.51) per gram.

Following a 0.4% rise yesterday, the price of US gold bullion closed at $1,213 per ounce. The price of Chinese gold bullion remained essentially flat at CNY 241.56 ($39.35) per gram. The price of Indian gold bullion ended a two-day climb, settling at INR 27,000 ($437.62) per 10 grams. The price of Japanese gold bullion held steady at JPY 4,262 ($39.09) per gram.

After falling for two days, the price of US silver rose 1.2% to $17.18 per ounce. The price of Chinese silver showed little movement yesterday at CNY 3,930 ($640.28) per kilogram. After dropping for two days, the price of Indian silver flattened at INR 38,859 ($629.83). At JPY 608.00 ($5.58) per 10 grams, the price of Japanese silver was essentially unchanged.

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