Last London Platinum and Palladium Phone Fixes Today

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Platinum and palladium prices will be set by phone for the last time today.

The London Metal Exchange will start a new electronic procedure next week that can viewed online. The twice-a-day system replaces one that’s been in place since 1989 where BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc and Standard Bank Plc discuss client orders and market demand to agree on a price, Bloomberg News reported.

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The overhaul follows silver, the first precious metal to ditch the century-old daily fixing procedure in August. The gold fix will also be replaced early next year.

The London Metal Exchange will start a new electronic procedure next week that can viewed online. The twice-a-day system replaces one that’s been in place since 1989 where BASF Metals Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc and Standard Bank Plc discuss client orders and market demand to agree on a price.

The overhaul follows silver, the first precious metal to ditch the century-old daily fixing procedure in August. The gold fix will also be replaced early next year.

With a 1.3% increase on Thursday, November 27, Japanese palladium bar was the biggest mover on the Global Precious Metals MMI®. The price of US palladium bar increased 1.3% to $800.00 per ounce. The price of Chinese palladium bar rose by 1.1% to CNY 176.00 ($28.67) per gram.

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Japanese platinum bar gained 1.0% to finish at JPY 4,620 ($39.28) per gram. Chinese platinum bar prices rose 0.4% to CNY 258.00 ($42.03) per gram. US platinum bar prices inched up 0.3% to $1,226 per ounce.

Today marks the fifth day in a row of declining prices for Chinese gold bullion. After falling 0.5%, prices settled at CNY 235.88 ($38.43) per gram, driving an accelerated drop-off since Friday, November 21. The price of Indian gold bullion fell 0.4% to INR 27,000 ($436.98) per 10 grams. The price of US gold bullion changed direction with a 0.3% drop. After two days of improving prices, the metal finished at $1,198 per ounce. Japanese gold bullion held its value yesterday at JPY 4,535 ($38.55) per gram.

Following two days of rising prices, the price of US silver dropped 0.7% to $16.54 per ounce. Japanese silver prices rose 0.6% to JPY 625.00 ($5.31) per 10 grams. Indian silver finished the day down 0.5% to INR 37,365 ($604.74) per kilogram. The price of Chinese silver declined 0.3% to CNY 3,520 ($573.42) per kilogram.

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