While silver saw the biggest drop this week, much of the news about precious metals focused on Russia and when it might start selling its gold hoard in an attempt to prop up its faltering economy.
The strong US dollar continued to push prices down even as investors started buying the metal at bargain rates.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US silver, which saw a 7.8% decline to $15.56 per ounce. This comes on the heels of a 3.7% increase the week before. Following a 1.3% increase in the week prior, the price of Japanese silver fell 5.0% last week to JPY 606.00 ($5.07) per 10 grams. The price of Chinese silver fell 4.0% to CNY 3,455 ($555.47) per kilogram after rising 3.3% the week before. Following a 2.4% increase in the week prior, the price of Indian silver fell 3.3% last week to INR 37,617 ($593.84) per kilogram.
The price of US gold bullion fell 3.0% to $1,179 per ounce after rising 1.8% the week before. Closing at INR 27,744 ($437.98) per 10 grams for the week, Indian gold bullion rose by a slight 1.9%. Following a 2.7% increase in the week prior, the price of Chinese gold bullion fell 1.1% last week to CNY 240.28 ($38.63) per gram. After a 1.1% decline, Japanese gold bullion closed out the week at JPY 4,596 ($38.45) per gram.
For the third week in a row, the price of US platinum bar dropped, falling 3.1% to $1,179 per ounce. The price of Chinese platinum bar fell 1.2% to CNY 257.00 ($41.32) per gram after rising 0.4% the week before. Japanese platinum bar prices were off slightly at JPY 4,600 ($38.49) per gram, down from JPY 4,653 ($39.38) a week ago.
US palladium bar saw its price rise 0.9% over the past week to $813.00 per ounce. Following a 1.7% increase in the week prior, the price of Chinese palladium bar fell 0.6% last week to CNY 179.00 ($28.78) per gram. The price of Japanese palladium bar rose 0.4% to JPY 3,116 ($26.07) per gram after falling 4.0% during 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.