US Silver Jumps 3.5%, LME Mulls Gold and Silver Contracts

The London Metal Exchange is mulling the launch of monthly gold and silver futures contracts, industry sources told FastMarkets.

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The dollar-denominated gold contracts will be physically settled – probably against the London Bullion Metal Association good delivery list, which sets and regulates the acceptable requirements for large gold and silver bars.

The LBMA publishes a list of “acceptable refiners” whose large bars weigh around 400 ounces (12.5kg).

The exchange is also said to be mulling a mini contract alongside the primary gold facility as well as a silver contract – also alongside a mini contract – with a view to introducing similar products for platinium and palladium in the futur

US silver saw the biggest upwards shift for the day, rising 3.5% to close at $17.09 per ounce on Wednesday, January 14. Japanese silver gained 1.4% to finish at JPY 635.00 ($5.39) per 10 grams. Chinese silver prices rose 1.4% to CNY 3,575 ($577.16) per kilogram. At INR 37,900 ($611.58), the price of Indian silver finished the market day up 0.5% per kilogram.

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Japanese gold bullion finished the day up 1.3% to JPY 4,709 ($39.97) per gram. After a 0.6% increase, US gold bullion finished the day at $1,231 per ounce. Indian gold bullion closed 0.3% lower at INR 27,020 ($436.02) per 10 grams. The price of Chinese gold bullion remained steady at CNY 245.25 ($39.59) per gram.

Japanese platinum bar prices inched up 0.7% to JPY 4,726 ($40.12) per gram. The price of Chinese platinum bar increased 0.4% to CNY 263.00 ($42.46) per gram. US platinum bar saw its price rise 0.3% to $1,235 per ounce.

US palladium bar prices rose 0.9% to $814.00 per ounce. Following a 0.7% rise yesterday, the price of Japanese palladium bar closed at JPY 3,095 ($26.27) per gram. Chinese palladium bar saw its price rise 0.6% to CNY 179.00 ($28.90) per gram.

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