Gold futures edged higher on Tuesday after weaker economic data fanned hopes that the Federal Reserve will keep interest rates low for an extended period.
The precious metals, in general, got a boost from Diwali in India and National Day in China, this week.
“Demand in India has noticeably strengthened ahead of this year’s Diwali, especially after gold prices traded around the year’s lows during the month or so before this key festival,” Joni Teves, an analyst with UBS told Forbes.com.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US palladium bar, which saw a 3.3% increase to $776.00 per ounce. This comes on the heels of a 3.6% decline the week prior. The price of Chinese palladium bar rose 3.0% to CNY 171.00 ($27.84) per gram after falling 4.6% during the previous week. Closing at JPY 2,677 ($24.59) per gram, Japanese palladium bar remained unchanged for the week.
The price of US platinum bar rose 2.6% to $1,273 per ounce after falling 1.5% during the previous week. The price of Japanese platinum bar rose 1.9% to JPY 4,359 ($40.04) per gram after falling 2.3% during the previous week. The price of Chinese platinum bar fell 1.1% over the past week to CNY 264.00 ($42.98) per gram. This was the third week in a row of declining prices.
The price of Japanese gold bullion rose 0.9% to JPY 4,272 ($39.24) per gram after falling 0.2% during the previous week. The price of US gold bullion fell 0.7% to $1,229 per ounce after rising 1.2% the week before. Following a 0.1% increase in the week prior, the price of Chinese gold bullion fell 0.7% last week to CNY 242.47 ($39.48) per gram. Following a steady week, prices for Indian gold bullion closed flat at INR 27,393 ($446.83) per 10 grams.
Indian silver fell 1.3% over the past week to INR 38,709 ($631.42) per kilogram. Closing out the third week of declining prices, the price of Chinese silver dropped by 0.8%, finishing at CNY 3,845 ($626.04) per kilogram. US silver saw a 0.4% decline over the past week to $17.20 per ounce. The price of Japanese silver rose 0.2% to JPY 592.00 ($5.44) per 10 grams after falling 1.5% during the previous week.
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.