Global Precious Metals MMI®: Comeback Week for Gold and SIlver

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Despite a strong US dollar, gold and silver showed they were anything but one-directional this week. Lessening of tariffs on foreign precious metals in India have helped the comeback there.

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Switzerland also continued its rigorous debate about a ballot initiative that would force its National Bank to stockpile more gold and also pledge to never sell Swiss gold. The election for the “Save Our Swiss Gold” act is November 30.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian silver, which saw a 2.9% increase to INR 37,348 ($609.22) per kilogram. This comes on the heels of a 4.5% decline the week prior. The price of US silver rose 2.5% to $16.07 per ounce after falling 2.5% during the previous week. The price of Chinese silver rose 2.3% to CNY 3,525 ($573.94) per kilogram after falling 2.1% during the previous week. The price of Japanese silver rose 2.3% to JPY 577.00 ($5.30) per 10 grams after falling 3.8% during the previous week.

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The price of Japanese gold bullion rose 2.6% to JPY 4,316 ($39.64) per gram after falling 0.5% during the previous week. The price of US gold bullion rose 2.1% to $1,184 per ounce after falling 0.8% during the previous week. The price of Indian gold bullion rose 1.6% to INR 26,625 ($434.30) per 10 grams after falling 0.5% during the previous week. Chinese gold bullion saw its price rise 1.3% over the past week to CNY 233.90 ($38.08) per gram.

For the third week in a row, the price of Chinese platinum bar dropped, falling 0.8% to CNY 254.00 ($41.36) per gram. The price of US platinum bar rose 0.8% to $1,199 per ounce after falling 3.9% during the previous week. Finishing the fourth week of rising prices, the price of Japanese platinum bar increased by 0.7%, finishing at JPY 4,448 ($40.85) per gram.

The price of US palladium bar rose 2.4% to $765.00 per ounce after falling 6.5% during the previous week. The price of Japanese palladium bar rose 1.6% over the past week to JPY 2,850 ($26.18) per gram. This was the third week in a row of increasing prices. At CNY 170.00 ($27.68) per gram, the price of Chinese palladium bar did not change since 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.

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