Platinum and palladium futures rose this past week as traders swooped in to take advantage of prices that have fallen as a result of the strong US dollar.
Russian and Swiss central banks looked to take advantage of the lower prices by stockpiling platinum and gold, respectively.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese palladium bar, which saw a 4.2% increase to JPY 2,742 ($25.19) per gram. This comes on the heels of a 7.3% decline the week prior. The price of US palladium bar rose 2.6% to $779.00 per ounce after falling 3.4% during the previous week. The price of Chinese palladium bar fell 0.6% to CNY 174.00 ($28.33) per gram after rising 1.7% the week before.
The price of Japanese platinum bar rose 3.7% to JPY 4,378 ($40.21) per gram after falling 8.1% during the previous week. Following a 0.4% increase in the week prior, the price of Chinese platinum bar fell 2.5% last week to CNY 268.00 ($43.64) per gram. The price of US platinum bar rose 1.4% to $1,260 per ounce after falling 4.7% during the previous week.
The price of US gold bullion rose 2.0% to $1,223 per ounce after falling 1.6% during the previous week. The price of Japanese gold bullion rose 1.3% to JPY 4,240 ($38.94) per gram after falling 2.4% during the previous week. Indian gold bullion gained a slight 1.1% this past week, finishing at INR 27,293 ($445.20) per 10 grams. Following a 1.0% increase, Chinese gold bullion finished the week at CNY 243.88 ($39.71) per gram.
The price of Indian silver rose 2.1% to INR 39,515 ($644.56) per kilogram after falling 1.0% during the previous week. The price of Japanese silver rose 1.9% to JPY 600.00 ($5.51) per 10 grams after falling 4.2% during the previous week. The price of US silver rose 1.7% to $17.39 per ounce after falling 2.4% during the previous week. In the past week, Chinese silver saw its price shift up 0.3% to CNY 3,940 ($641.51) 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.