Gold futures posted the longest slump in 5 weeks on concern that the Federal Reserve is moving closer to raising US interest rates, crimping demand for the precious metal as an alternative investment.
In the third quarter, gold fell 8.4% as the US economy gained. The Fed begins a two-day meeting tomorrow and policy makers will debate the pace of raising borrowing costs after holding its benchmark rate close to zero% since 2008.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese palladium bar, which saw a 4.0% decline to JPY 3,105 ($26.28) per gram. This comes on the heels of a 5.5% increase the week before. At CNY 180.00 ($29.13) per gram, the price of Chinese palladium bar finished the week 1.7% higher. The price of US palladium bar rose 1.0% to $806.00 per ounce after falling 0.5% during the previous week.
Following a 5.0% increase in the week prior, the price of Japanese platinum bar fell 2.7% last week to JPY 4,653 ($39.38) per gram. The price of US platinum bar fell 0.8% to $1,217 per ounce after rising 0.2% the week before. Closing out the third week of rising prices, the price of Chinese platinum bar increased by 0.4%, landing at CNY 260.00 ($42.07) per gram.
The price of Chinese gold bullion rose 2.7% over the past week to CNY 242.90 ($39.31) per gram. This was the fifth week in a row of increasing prices. The price of Indian gold bullion rose 1.8% over the past week to INR 27,215 ($435.26) per 10 grams. This was the third week in a row of increasing prices. The price of US gold bullion rose 1.8% to $1,214 per ounce after falling 0.2% during the previous week. Following a 5.9% increase in the week prior, the price of Japanese gold bullion fell 0.3% last week to JPY 4,645 ($39.31) per gram.
One of the big movers this week was US silver, which shot up 3.7% to reach $16.89 per ounce. The price of Chinese silver rose 3.3% this week, closing out the fifth consecutive week of elevating prices at CNY 3,600 ($582.56) per kilogram. The price of Indian silver rose 2.4% this week, closing out the third week at INR 38,911 ($622.32) per kilogram. The price of Japanese silver rose 1.3% over the past week to JPY 638.00 ($5.40) per 10 grams. This was the third week in a row of increasing prices.
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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.