Global Growth Worries Still Harming Palladium, Platinum Prices

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Prices for platinum and palladium fell Friday, hit by fears that slowing growth in Europe and Asia will hurt demand.

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Platinum for January delivery, the most actively traded contract, recently was down 1.2% to $1,263 an ounce on the Comex division of the New York Mercantile Exchange. Palladium for December delivery was down 1.7% to $786.80 an ounce.

European equities fell Friday, following a 335-point drop in the Dow Jones Industrial Average the day before, as weak economic data in the eurozone, China and Japan spark concerns that economic growth is stalling outside the US.

US palladium bar saw the biggest upwards shift for the day, rising 2.0% to close at $799.00 per ounce on Thursday, October 9. Chinese palladium bar finished the day up 1.1% to CNY 176.00 ($28.66) per gram. Japanese palladium bar held its value yesterday at JPY 2,702 ($24.82) per gram.

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The price of US platinum bar increased 1.4% to $1,274 per ounce. Japanese platinum bar prices inched up 1.1% to JPY 4,418 ($40.58) per gram. At CNY 270.00 ($43.96), the price of Chinese platinum bar finished the market day up 0.7% per gram.

US gold bullion prices rose 1.1% to $1,222 per ounce. Chinese gold bullion finished the day up 0.9% to CNY 242.30 ($39.45) per gram. Japanese gold bullion gained 0.5% to finish at JPY 4,233 ($38.88) per gram. At INR 27,086 ($441.82), the price of Indian gold bullion finished the market day up 0.2% per 10 grams.

After a 1.1% increase, US silver finished the day at $17.38 per ounce. Indian silver prices inched up 0.7% to INR 39,388 ($642.49) per kilogram. The price of Japanese silver declined 0.5% to JPY 600.00 ($5.51) per 10 grams. At CNY 3,905 ($635.81) per kilogram, Chinese silver fell 0.1% on Thursday.

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