Silver Prices Drop as Fresnillo PLC Reports Lower-Than-Expected Profits

Precious metals miner Fresnillo PLC reported lower-than-expected full-year profit and revenue, hurt by falling gold and silver prices.

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Shares in the company fell as much 8.7%. A Reuters poll in January forecast a further decline in silver and gold prices in 2015, with gold expected to average around $1,234 an ounce and silver expected to fetch about $17.20 an ounce.

The company’s pretax profit fell to $251.1 million in the year ended Dec. 31 from $418.7 million a year earlier.

The day’s biggest mover was Chinese silver, dropping 2.6% to settle at CNY 3,500 ($557.67) per kilogram on Tuesday, March 3. The price of US silver closed Tuesday at $16.36 per ounce, halting its two-day flat run with a 1.1% decline. Following a couple days of improvement, the price of Indian silver weakened by 0.8%. Prices closed at INR 37,599 ($607.34) per kilogram. Japanese silver finished the day up 0.8% to JPY 643.00 ($5.35) per 10 grams.

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Japanese gold bullion prices rose 1.5% to JPY 4,699 ($39.09) per gram. The price of Indian gold bullion fell 1.4% to INR 26,715 ($431.53) per 10 grams. Chinese gold bullion finished the day down 1.1% to CNY 244.60 ($38.97) per gram. At $1,206 per ounce, US gold bullion fell 0.3% yesterday.

The price of Japanese platinum bar increased 1.6% to JPY 4,590 ($38.18) per gram. At $1,184, the price of US platinum bar finished the market day up 1.0% per ounce. Chinese platinum bar closed 0.4% lower at CNY 256.00 ($40.79) per gram.

US palladium bar saw its price rise 2.4% to $826.00 per ounce. After a 1.7% increase, Japanese palladium bar finished the day at JPY 3,171 ($26.38) per gram. Chinese palladium bar finished the day up 0.5% to CNY 185.00 ($29.48) per gram.

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