Platinum and Palladium continued to fall as a strong US dollar has caused collapse in all of the precious metals this week.
A federal judge also consolidated the silver price-fixing lawsuits against Deutsche Bank, Bank of Nova Scotia and HSBC to one case in New York.
A 4.6% decline landed the price of Chinese palladium bar as the week’s biggest mover, continuing a downward trend on the weekly Global Precious Metals MMI® stretching over 5 weeks. The price of US palladium bar fell 3.6% to $751.00 per ounce after rising 2.6% the week before. Following a 4.2% increase in the week prior, the price of Japanese palladium bar fell 2.4% last week to JPY 2,677 ($24.59) per gram.
The price of Japanese platinum bar fell 2.3% to JPY 4,277 ($39.28) per gram after rising 3.7% the week before. Following a 1.4% increase in the week prior, the price of US platinum bar fell 1.5% last week to $1,241 per ounce. Closing out the third week of declining prices, the price of Chinese platinum bar dropped by 0.4%, finishing at CNY 267.00 ($43.47) per gram.
Following a 1.2% increase, US gold bullion finished the week at $1,238 per ounce. At INR 27,399 ($446.93) per 10 grams, the price of Indian gold bullion finished the week 0.4% higher. The price of Japanese gold bullion fell 0.2% to JPY 4,232 ($38.87) per gram after rising 1.3% the week before. The price of Chinese gold bullion rose 0.1% over the past week to CNY 244.13 ($39.75) per gram. This was the third week in a row of increasing prices.
Following a 0.3% increase in the week prior, the price of Chinese silver fell 1.6% last week to CNY 3,875 ($630.93) per kilogram. The price of Japanese silver fell 1.5% to JPY 591.00 ($5.43) per 10 grams after rising 1.9% the week before. Following a 2.1% increase in the week prior, the price of Indian silver fell 0.8% last week to INR 39,200 ($639.43) per kilogram. The price of US silver fell 0.7% to $17.27 per ounce after rising 1.7% the week before.
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.