Most precious metals fell this week as Greece and the European Union agreed to an extension of the beleaguered island nation’s bailout package.
Chairwoman Janet Yellen continued to preach Federal Reserve patience today, saying that the US economy is making steady progress, but the Fed remains patient in raising interest rates because too many Americans are still unemployed, wage growth remains sluggish and inflation is too low.
In her semiannual economic report to Congress, Yellen sought to explain how the Fed would begin raising rates from lows near zero. Its continuing use of the word “patient” means a rate hike is unlikely for at least the next two meetings, she said. More price inflation could, of course, lead to more consumption of gold and silver as hedges against it but Yellen’s comments have not yet had that effect on the investment metals.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 8.8% decline to JPY 600.00 ($5.04) per 10 grams. This comes on the heels of a 2.8% increase the week before. Following a 3.3% increase in the week prior, the price of Indian silver fell 7.6% last week to INR 36,153 ($581.85) per kilogram. The price of US silver fell 4.9% to $16.45 per ounce after rising 3.7% the week before. Chinese silver gained a slight 0.8% this past week, finishing at CNY 3,640 ($582.09) per kilogram.
The price of US gold bullion fell 2.2% over the past week to $1,205 per ounce. This was the fourth week in a row of declining prices. The price of Japanese gold bullion fell 2.0% over the past week to JPY 4,597 ($38.60) per gram. This was the fourth week in a row of declining prices. The price of Indian gold bullion fell 1.8% over the past week to INR 26,429 ($425.35) per 10 grams. This was the fourth week in a row of declining prices. Prices for Chinese gold bullion remained constant, closing the week at CNY 247.91 ($39.64) per gram.
The price of Japanese platinum bar fell 3.6% over the past week to JPY 4,442 ($37.30) per gram. This was the fourth week in a row of declining prices. The price of US platinum bar fell 3.3% over the past week to $1,164 per ounce. This was the fourth week in a row of declining prices. Following a steady week, prices for Chinese platinum bar closed flat at CNY 259.00 ($41.42) per gram.
Following a 1.8% increase in the week prior, the price of Japanese palladium bar fell 1.1% last week to JPY 3,056 ($25.66) per gram. The price of US palladium bar fell 0.9% to $781.00 per ounce after rising 0.8% the week before. Closing at CNY 174.00 ($27.83) 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.