Both Switzerland and India rejected protectionist policies that put requirements on gold purchasing, as prices mostly fell for the investment metal.
Futures for precious metals are, however, looking strong as more than $100 billion was wiped from the value of world equity markets yesterday, and global shares are falling again today. Bullion extended gains as the dollar headed for the biggest loss in two months against a basket of 10 currencies. This has helped a mini-rally for gold and silver as the year closes.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 11.9% increase to JPY 630.00 ($5.18) per 10 grams. This comes on the heels of a 7.6% decline the week prior. The price of Chinese silver rose 7.7% to CNY 3,485 ($566.71) per kilogram after falling 8.1% during the previous week. Closing out the third week of rising prices, the price of Indian silver increased by 1.7%, landing at INR 38,001 ($613.33) per kilogram. US silver traded sideways last week, hovering around $16.28 per ounce.
The price of Japanese gold bullion rose 5.9% to JPY 4,659 ($38.32) per gram after falling 2.6% during the previous week. The price of Chinese gold bullion rose 3.7% to CNY 236.40 ($38.44) per gram after falling 3.9% during the previous week. The price of Indian gold bullion rose 1.7% to INR 26,730 ($431.42) per 10 grams after falling 2.9% during the previous week. The price of US gold bullion declined 0.2% over the past week, settling at $1,193 per ounce.
The price of Japanese platinum bar rose 5.0% to JPY 4,780 ($39.31) per gram after falling 0.8% during the previous week. The price of Chinese platinum bar rose 2.8% to CNY 259.00 ($42.12) per gram after falling 1.9% during the previous week. The price of US platinum bar rose 0.2% this week, closing out the third week at $1,227 per ounce.
The price of Japanese palladium bar rose 5.5% this week, closing out the fifth consecutive week of elevating prices at JPY 3,235 ($26.60) per gram. Chinese palladium bar gained a slight 0.6% this past week, finishing at CNY 177.00 ($28.78) per gram. The price of US palladium bar fell 0.5% to $798.00 per ounce after rising 0.8% the week before.
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.