This week, gold and silver futures rose to 3-week high after Europe’s economic concerns mounted, spurring demand for the precious metals as a haven. Greece continues to threaten to leave the Euro, increasing both investment metals’ value as hedges there.
Meanwhile, Barclay Plc released a report predicting that if the Federal Reserve raises interest rates it will initially hurt silver and gold prices, but be a long-term positive development for the precious metals.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 3.8% increase to JPY 626.00 ($5.30) per 10 grams. This comes on the heels of a 2.3% decline the week prior. The price of US silver rose 2.9% over the past week to $16.52 per ounce. This was the third week in a row of increasing prices. Chinese silver gained a slight 2.5% this past week, finishing at CNY 3,525 ($567.77) per kilogram. The price of Indian silver rose 1.2% to INR 37,726 ($607.30) per kilogram after falling 1.8% during the previous week.
The price of Chinese gold bullion increased by a slight 2.3% over the past week to CNY 245.30 ($39.51) per gram. US gold bullion rose 2.1% over the past week to $1,223 per ounce. At JPY 4,648 ($39.32) per gram, the price of Japanese gold bullion finished the week 1.3% higher. The price of Indian gold bullion rose 0.3% to INR 27,113 ($436.46) per 10 grams after falling 0.8% during the previous week.
Following a 2.0% increase, US platinum bar finished the week at $1,231 per ounce. The price of Chinese platinum bar rose 1.6% to CNY 262.00 ($42.20) per gram after falling 0.4% during the previous week. Closing out the third week of rising prices, the price of Japanese platinum bar increased by 0.6%, landing at JPY 4,695 ($39.72) per gram.
Japanese palladium bar saw a 2.5% decline over the past week to JPY 3,073 ($25.99) per gram. The price of US palladium bar rose 1.4% to $807.00 per ounce after falling 2.0% during the previous week. Closing at CNY 178.00 ($28.67) per gram, Chinese palladium bar remained unchanged for the 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.