In India, several restrictions have been placed on gold imports, after it was decided gold was putting pressure on the country’s deficit. Silver, however, is finding incremental demand from jewelers there as gold supplies have dried up. Non-traditional investors have also started looking at silver for investment, as prices are falling.
This year’s silver imports might still be lower than that of the last year but since the restrictions imposed on gold imports in May 2013, the former has been rising, the Business Standard (India) reports. When inventory holders started adding to their stock, it was a sign that they see demand and price improving.
The price of Indian silver closed as the biggest mover for Monday, November 10. Switching from a downward trend, the metal closed at INR 36,309 ($592.27) per kilogram following a 6.5% increase. After hitting a 30-day low of CNY 3,445 ($560.91) per kilogram on Thursday, November 6, the price of Chinese silver rose 4.4% yesterday. At $15.68, the price of US silver finished the market day up 1.6% per ounce. Japanese silver held its value yesterday at JPY 564.00 ($5.18) per 10 grams.
Chinese gold bullion saw its price rise 2.9% to CNY 230.86 ($37.59) per gram. The price of Indian gold bullion rose 2.5% to INR 26,200 ($427.37) per 10 grams after a two-day drop. After a 1.6% increase, US gold bullion finished the day at $1,160 per ounce. The price of Japanese gold bullion remained steady at JPY 4,205 ($38.62) per gram.
The price of Chinese platinum bar is back up, rising by 1.6% yesterday to close at CNY 256.00 ($41.68) per gram. The price of US platinum bar steadied at $1,190 per ounce following two-days of dropping prices. The price of Japanese platinum bar showed little movement on Monday at JPY 4,417 ($40.57) per gram.
Following a two-day drop, the price of Chinese palladium bar increased by 2.4% to CNY 170.00 ($27.68) per gram. The price of Japanese palladium bar held steady at JPY 2,806 ($25.77) per gram. The price of US palladium bar flattened at $747.00 following two-days of declines.