After a week in which both Switzerland and India rejected protectionist policies that put requirements on gold purchasing, prices mostly fell for the investment metal.
In London, the platinum and palladium phone call “fixes” ended this week, replaced by an electronic system created by the London Metal Exchange. Increased solar consumption could not help silver from continuing its free fall, either. Downward pressure from a strong US dollar has not let up on the precious metals.
A 8.1% decline in Chinese silver made it the biggest mover of the week, closing at CNY 3,235 ($526.58) per kilogram on the weekly Global Precious Metals MMI®. Following a 5.5% increase in the week prior, the price of Japanese silver fell 7.6% last week to JPY 563.00 ($4.74) per 10 grams. The price of Indian silver rose 3.4% to INR 37,350 ($600.38) per kilogram after falling 3.2% during the previous week. The price of US silver fell 0.6% to $16.30 per ounce after rising 2.0% the week before.
Following a 1.4% increase in the week prior, the price of Chinese gold bullion fell 3.9% last week to CNY 227.90 ($37.10) per gram. The price of Indian gold bullion fell 2.9% to INR 26,286 ($422.53) per 10 grams after rising 1.7% the week before. Following a 4.7% increase in the week prior, the price of Japanese gold bullion fell 2.6% last week to JPY 4,399 ($37.01) per gram. Following a steady week, prices for US gold bullion closed flat at $1,196 per ounce.
The price of Chinese platinum bar fell 1.9% to CNY 252.00 ($41.02) per gram after rising 1.2% the week before. Following a 1.4% increase, US platinum bar finished the week at $1,225 per ounce. Following a 3.2% increase in the week prior, the price of Japanese platinum bar fell 0.8% last week to JPY 4,553 ($38.31) per gram.
Closing out the fifth week of rising prices, the price of Japanese palladium bar gained 6.2%, finishing at JPY 3,065 ($25.79) per gram. The price of Chinese palladium bar rose 1.1% over the past week to CNY 176.00 ($28.65) per gram. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the price of US palladium bar increased by 0.8%, landing at $802.00 per ounce.
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.