A tumble in silver prices to 4-year lows has triggered a global scramble by consumers to purchase silver coins and bars as the metal has reached its cheapest level relative to gold in more than 5 years.
Retailers and distributors in Asia and the United States told Reuters they were struggling to get supplies of items such as Canadian Maple Leaf silver coins. Demand for silver has been strong over the past few months, but retailers say buying interest has soared in recent days as the metal has slid towards its lowest since 2010.
On Tuesday, November 4, Indian silver fell by 5.9% to INR 35,797 ($583.92) per kilogram, making it the day’s biggest mover. After falling for two days, the price of US silver rose 0.4% to $16.14 per ounce. After falling 0.1% to CNY 3,515 ($572.31) per kilogram, the price of Chinese silver reached a 30-day low. After a couple of days of decreasing prices, the price of Japanese silver held steady at JPY 586.00 ($5.38).
At INR 26,135 ($426.31) per 10 grams, Indian gold bullion fell 0.8% on Tuesday. US gold bullion finished the day down 0.3% to $1,165 per ounce. The price of Chinese gold bullion rose 0.2% on Tuesday, just off the 30-day low of CNY 229.95 ($37.44) per gram it hit on Friday, October 31. The price of Japanese gold bullion flattened at JPY 4,226 ($38.82) per gram after two days of downward movement.
US platinum bar ended the day at $1,235 per ounce, after the 0.2% drop on Tuesday. Following two days of downward movement, the price of Chinese platinum bar held steady at CNY 258.00 ($42.01) per gram. The price of Japanese platinum bar steadied at JPY 4,408 ($40.49) per gram following two-days of dropping prices.
Chinese palladium bar gained 0.6% to finish at CNY 175.00 ($28.49) per gram. US palladium bar prices rose 0.1% to $800.00 per ounce. Japanese palladium bar stayed flat at around JPY 2,750 ($25.26) per gram.