Gold extended losses to the lowest this year after US payrolls beat forecasts, boosting the dollar and stoking expectations the Federal Reserve will increase interest rates. Platinum fell to a 5-year low and silver declined to the lowest since 2010.
China’s growth remained stifled with no sign of higher industrial consumption on the horizon for beleaguered metals such as palladium and platinum.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese platinum bar, which saw a 8.1% decline to JPY 4,220 ($38.43) per gram. This week marked the third in a row of declining prices for the metal. For the third week in a row, the price of US platinum bar dropped, falling 4.7% to $1,242 per ounce. The price of Chinese platinum bar rose 0.4% to CNY 275.00 ($44.32) per gram after falling 2.1% during the previous week.
At JPY 2,631 ($23.96) per gram, the price of Japanese palladium bar finished the week down 7.3%. The price of US palladium bar dropped 3.4% this week, closing out the third consecutive week of falling prices at $759.00 per ounce. The price of Chinese palladium bar rose 1.7% to CNY 175.00 ($28.21) per gram after falling 4.4% during the previous week.
For the third week in a row, the price of Japanese gold bullion dropped, falling 2.4% to JPY 4,184 ($38.10) per gram. The price of US gold bullion fell 1.6% over the past week to $1,199 per ounce. This was the third week in a row of declining prices. The price of Indian gold bullion increased by a slight 0.4% over the past week to INR 27,001 ($437.51) per 10 grams. In the past week, Chinese gold bullion saw its price shift up 0.1% to CNY 241.56 ($38.93) per gram.
The price of Japanese silver dropped 4.2% this week, closing out the third consecutive week of falling prices at JPY 589.00 ($5.36) per 10 grams. At $17.11 per ounce, the price of US silver finished the week down 2.4%. Closing out the third week of declining prices, the price of Indian silver dropped by 1.0%, finishing at INR 38,702 ($627.10) per kilogram. Chinese silver gained a slight 0.1% this past week, finishing at CNY 3,930 ($633.40) per kilogram.
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.