Platinum and palladium futures rose as traders swooped in to take advantage of beaten-down prices in the precious metals.
Palladium for December surged 2.7%, the biggest one-day gain for the most actively traded contract since Oct. 13, 2013. The contract ended up $20.90 at $787 an ounce on the Comex division of the New York Mercantile Exchange. Platinum for January delivery, the most actively traded contract, settled up $12.70, or 1%, at $1,261.90 an ounce.
On Wednesday, October 8, the day’s biggest mover was US palladium bar, which saw a 3% increase to $783.00 per ounce. The price of Chinese palladium bar fell 0.6% yesterday to CNY 174.00 ($28.33) per gram after three straight days with no change. The price of Japanese palladium bar showed little movement yesterday at JPY 2,702 ($24.82) per gram.
The price of Chinese platinum bar fell 2.5% on Wednesday to CNY 268.00 ($43.64) per gram. US platinum bar gained 1.2% to finish at $1,256 per ounce. Japanese platinum bar held its value on Wednesday at JPY 4,371 ($40.15) per gram.
After three essentially changeless days, the price of Chinese gold bullion dropped 0.6% on Wednesday to CNY 240.15 ($39.10) per gram. The price of Indian gold bullion increased 0.5% to INR 27,020 ($440.75) per 10 grams. US gold bullion gained 0.1% to finish at $1,208 per ounce. At JPY 4,211 ($38.68) per gram, the price of Japanese gold bullion was essentially unchanged.
US silver finished the day down 0.9% to $17.19 per ounce. The price of Chinese silver moved yesterday. After a few changeless days, prices dropped 0.5% to CNY 3,910 ($636.63) per kilogram. After a couple of days of improving prices, the price of Indian silver held steady at INR 39,098 ($637.76). The price of Japanese silver remained essentially flat at JPY 603.00 ($5.54) per 10 grams.