US gold futures experienced an end-of-year price spike this past week, but the strong US dollar saw most precious metals continue to lose value as hedges against weak currencies.
The price of oil falling below $50 barrel for the first time since 2009 has also caused central banks to snap up bargain precious metals such as palladium and gold.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 2.3% decline to JPY 603.00 ($5.01) per 10 grams. This comes on the heels of a 1.8% increase the week before. Following a 0.9% increase in the week prior, the price of Indian silver fell 1.8% last week to INR 37,273 ($588.97) per kilogram. In the past week, US silver saw its price shift up 0.8% to $16.05 per ounce. The price of Chinese silver rose 0.4% to CNY 3,440 ($554.44) per kilogram after falling 0.9% during the previous week.
US gold bullion prices ticked up 1.2% over the past week to $1,198 per ounce. At INR 27,030 ($427.11) per 10 grams, the price of Indian gold bullion finished the week down 0.8%. The price of Japanese gold bullion rose 0.2% to JPY 4,588 ($38.09) per gram after falling 0.3% during the previous week. Chinese gold bullion remained essentially flat from the previous week at CNY 239.80 ($38.65) per gram.
The price of Chinese platinum bar fell 0.4% to CNY 258.00 ($41.58) per gram after rising 0.8% the week before. Closing at JPY 4,667 ($38.75) per gram for the week, Japanese platinum bar rose by a slight 0.3%. US platinum bar saw its price rise 0.2% over the past week to $1,207 per ounce.
Following a 1.7% increase in the week prior, the price of Chinese palladium bar fell 2.2% last week to CNY 178.00 ($28.69) per gram. Closing out the third week of declining prices, the price of US palladium bar dropped by 2.0%, finishing at $796.00 per ounce. The price of Japanese palladium bar fell 0.7% to JPY 3,152 ($26.17) per gram after rising 1.9% the week before.
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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.