Putin’s Words Stymie Platinum’s Recent Gains

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Growth of the price of platinum has fallen off since last Wednesday after conciliatory words from Russian President Vladimir Putin eased East-West tensions surrounding the conflict in Ukraine.

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Last Wednesday Putin assured NATO and the Pentagon that Russia had pulled its troops from the Ukrainian border. This has been met with skepticism in the west but the markets, at least, seem to have cooled on Putin’s words.

Japanese silver saw the biggest price decline of the day, dropping 1.6 percent to close at JPY 633.00 ($6.23) per 10 grams on Friday, May 9. At $19.15 per ounce, US silver fell 0.8 percent last Friday. The price of Indian silver declined 0.4 percent to INR 43,745 ($729.81) per kilogram, after two days of improvement. Chinese silver prices inched up 0.1 percent to CNY 4,085 ($655.95) per kilogram.

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Japanese gold bullion finished the day down 1.2 percent to JPY 4,222 ($41.56) per gram. Following a 0.3 percent rise last Friday, the price of Indian gold bullion closed at INR 27,992 ($467.00) per 10 grams. Following two days of downward movement, the price of US gold bullion held steady at $1,290 per ounce. Chinese gold bullion stayed flat at around CNY 259.00 ($41.59) per gram.

The price of Japanese platinum bar declined 0.6 percent to JPY 4,722 ($46.48) per gram. US platinum bar saw its price rise 0.3 percent to $1,432 per ounce. At CNY 306.00 ($49.14) per gram, the price of Chinese platinum bar was essentially unchanged.

US palladium bar gained 1.3 percent to finish at $803.00 per ounce. A 30-day high was reached by the price of Japanese palladium bar following a 1.2 percent increase, to finish at JPY 2,633 ($25.92) per gram. The price of Chinese palladium bar remained steady at CNY 182.00 ($29.22) per gram.

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