The London Metal Exchange will run the replacement for platinum and palladium fixings. The daily silver benchmark was overhauled this year and as the price-setting ritual for gold is being revamped, as well. All are abandoning phone-based price fixing for electronic, auction-style price fixings.
The biggest industrial metals bourse will take over on Dec. 1 the procedure that currently takes place each day at 9:45 a.m. and 2 p.m. by phone, the London Platinum & Palladium Fixing Company Ltd. said today in a statement. BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc and Standard Bank Plc currently conduct the fixes, the London Platinum & Palladium Market website shows.
Silver became the first precious metal to ditch the daily fixing procedure in August after Deutsche Bank AG said it would stop participating as it scales back its commodities business.
Following a two-day decline, the price of US palladium bar climbed up 1.8% to end at $751.00 per ounce on Monday, October 20. Japanese palladium bar saw little change in its price yesterday at JPY 2,677 ($24.59) per gram. The price of Chinese palladium bar flattened at CNY 166.00 ($27.03) per gram after two days of downward movement.
At CNY 267.00 ($43.47), the price of Chinese platinum bar finished the market day up 0.4% per gram. The price of Japanese platinum bar is back up, rising by 0.3% on Monday to close at JPY 4,277 ($39.28) per gram. The price of US platinum bar flattened at $1,241 following two-days of declines.
The price of Indian gold bullion fell 0.7% to INR 27,399 ($446.93) per 10 grams. At CNY 244.13 ($39.75) per gram, Chinese gold bullion fell 0.1% on Monday. Japanese gold bullion finished the day down 0.1% to JPY 4,232 ($38.87) per gram. The price of US gold bullion remained essentially flat at $1,238 per ounce.
Indian silver ended the day at INR 39,200 ($639.43) per kilogram, after the 0.7% drop on Monday. US silver finished the day down 0.5% to $17.27 per ounce. Chinese silver ended the day at CNY 3,875 ($630.93) per kilogram, after the 0.5% drop on Monday. The price of Japanese silver held steady at JPY 591.00 ($5.43) per 10 grams.