While gold has received most of the attention this year, silver actually outperformed it this week, particularly in the US.
The strong dollar is still having an effect on all of the precious metals but silver showed encouraging signs this week.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US silver, which saw a 3.7% increase to $17.30 per ounce. This comes on the heels of a 3.1% decline the week prior. The price of Indian silver rose 3.3% to INR 39,120 ($630.20) per kilogram after falling 2.0% during the previous week. The price of Japanese silver rose 2.8% to JPY 658.00 ($5.55) per 10 grams after falling 0.9% during the previous week. The price of Chinese silver rose 1.5% to CNY 3,610 ($578.85) per kilogram after falling 2.2% during the previous week.
At INR 26,912 ($433.54) per 10 grams, the price of Indian gold bullion finished the week down 1.0%. For the third week in a row, the price of Japanese gold bullion dropped, falling 0.8% to JPY 4,692 ($39.57) per gram. The price of Chinese gold bullion dropped 0.5% this week, closing out the third consecutive week of falling prices at CNY 248.10 ($39.78) per gram. For the third week in a row, the price of US gold bullion dropped, falling 0.2% to $1,231 per ounce.
Closing out the third week of declining prices, the price of US platinum bar dropped by 1.3%, finishing at $1,204 per ounce. The price of Chinese platinum bar fell 1.1% over the past week to CNY 259.00 ($41.53) per gram. This was the third week in a row of declining prices. Japanese platinum bar prices were off slightly at JPY 4,610 ($38.88) per gram, down from JPY 4,659 ($39.15) a week ago.
In the past week, Japanese palladium bar saw its price shift up 1.8% to JPY 3,091 ($26.07) per gram. Following a 1.1% increase in the week prior, the price of Chinese palladium bar fell 1.1% last week to CNY 174.00 ($27.90) per gram. Closing out the third week of rising prices, the price of US palladium bar increased by 0.8%, landing at $788.00 per ounce.
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.