After a rough start to the year, silver and gold bullion performed well with gains across the globe. So much so that the London Metal Exchange is, once again, thinking of starting gold and silver futures contracts.
Gold and silver were up in all markets this week building on a strong previous week.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US silver, which saw a 7.9% increase to $17.68 per ounce. Last week marked the fourth in a row of rising prices for the metal. The price of Chinese silver rose 5.4% this week, closing out the third week at CNY 3,685 ($593.59) per kilogram. The price of Indian silver rose 5.3% over the past week to INR 39,490 ($638.27) per kilogram. This was the third week in a row of increasing prices. Following a 1.8% increase in the week prior, the price of Japanese silver fell 0.2% last week to JPY 630.00 ($5.36) per 10 grams.
At CNY 255.78 ($41.20) per gram, the price of Chinese gold bullion finished the week 5.3% higher. Closing out the third week of rising prices, the price of US gold bullion increased by 5.3%, landing at $1,273 per ounce. The price of Indian gold bullion rose 2.9% over the past week to INR 27,950 ($451.75) per 10 grams. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the price of Japanese gold bullion increased by 1.2%, landing at JPY 4,706 ($40.03) per gram.
At $1,261 per ounce, the price of US platinum bar finished the week 3.7% higher. The price of Chinese platinum bar rose 3.1% this week, closing out the third week at CNY 268.00 ($43.17) per gram. The price of Japanese platinum bar rose 0.2% to JPY 4,688 ($39.88) per gram after falling 0.3% during the previous week.
The price of US palladium bar dropped 4.2% this week, closing out the third consecutive week of falling prices at $757.00 per ounce. Closing out the third week of declining prices, the price of Chinese palladium bar dropped by 4.0%, finishing at CNY 170.00 ($27.38) per gram. Japanese palladium bar finished the week at JPY 2,980 ($25.35) per gram after falling 3.5%.
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.