Gold and silver saw modest increases this week as crude oil hovered near a 5-year low today, increasing their relative values as hedges against hard currency.
A weaker dollar and an oil supply glut from OPEC countries helped gold, silver and all of the precious metals regain some of their luster in this last week of the year.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US silver, which saw a 2.2% increase to $15.91 per ounce. This comes on the heels of a 7.8% decline the week prior. The price of Japanese silver rose 1.8% to JPY 617.00 ($5.12) per 10 grams after falling 5.0% during the previous week. The price of Indian silver rose 0.9% to INR 37,948 ($596.44) per kilogram after falling 3.3% during the previous week. After a 0.9% decline, Chinese silver closed out the week at CNY 3,425 ($549.76) per kilogram.
Following a 1.9% increase in the week prior, the price of Indian gold bullion fell 1.8% last week to INR 27,248 ($428.27) per 10 grams. The price of US gold bullion rose 0.5% to $1,184 per ounce after falling 3.0% during the previous week. Japanese gold bullion prices were off slightly at JPY 4,581 ($38.04) per gram, down from JPY 4,596 ($38.45) a week ago. Chinese gold bullion saw a 0.1% decline over the past week to CNY 240.00 ($38.52) per gram.
The price of US platinum bar rose 2.1% to $1,204 per ounce after falling 3.1% during the previous week. The price of Japanese platinum bar rose 1.2% to JPY 4,655 ($38.65) per gram after falling 1.1% during the previous week. The price of Chinese platinum bar rose 0.8% to CNY 259.00 ($41.57) per gram after falling 1.2% during the previous week.
Closing at JPY 3,174 ($26.35) per gram for the week, Japanese palladium bar rose by a slight 1.9%. The price of Chinese palladium bar rose 1.7% to CNY 182.00 ($29.21) per gram after falling 0.6% during the previous week. The price of US palladium bar fell 0.1% to $812.00 per ounce after rising 0.9% 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.