gold price

Closing at JPY 1,569 ($19) per gram on the May 22, 2012, Japanese palladium bar rose 1.4 percent to finish as the day’s biggest mover. Chinese palladium bar finished the day up 0.3 percent to CNY 147.00 ($23.25) per gram. Following two days of rising prices, the price of US palladium bar dropped 0.2 percent to $612.00 per ounce.

Japanese platinum bar prices rose 0.7 percent to JPY 3,762 ($47) per gram. US platinum bar finished the day down 0.2 percent to $1,458 per ounce. Weakening prices followed two days of improvement as the price of Chinese platinum bar dropped 0.2 percent to CNY 317.00 ($50.14) per gram.

The price of US gold bullion fell 0.6 percent to $1,582 per ounce. The price of Chinese gold bullion closed at CNY 324.90 ($51.39) per gram. Following a couple days of improvement, prices fell by 0.3 percent. Japanese gold bullion prices saw a 0.2 percent decline to JPY 4,069 ($51) per gram. The price of Indian gold bullion flattened at INR 29,033 ($528) after two days of improvement.

The price of Chinese silver closed at CNY 5,970 ($944) per kilogram. Following a couple days of improvement, the metal’s price weakened by 0.5 percent. At $28.39, the price of US silver finished the market day up 0.1 percent per ounce. Following a two-day rise, the price of Indian silver flattened at INR 53,628 ($975). After a couple of days of improving prices, the price of Japanese silver held steady at JPY 722.00 ($9.11).

The week’s biggest mover on the Global Precious Metals MMI® was the price of Japanese platinum bar, which saw a 2.6 percent decrease to JPY 4,075 ($50) per gram. The price of US platinum bar rose 1.1 percent to $1,568 per ounce after falling 1.3 percent during the previous week. Chinese platinum bar fell 0.6 percent last week to CNY 338.00 ($53.74) per gram.

The price of US gold bullion rose 2.2 percent to $1,662 per ounce after falling 1.5 percent during the previous week. The price of Indian gold bullion rose 1.9 percent over the past week to INR 29,175 ($555) per 10 grams. This was the third week in a row of increasing prices. The price of Chinese gold bullion rose 0.6 percent to CNY 336.61 ($53.52) per gram after falling 0.5 percent during the previous week. The price of Japanese gold bullion fell 0.3 percent to JPY 4,290 ($53) per gram after rising 0.8 percent the week before.

Following a 0.4 percent increase, the price of Japanese silver fell 1.5 percent last week to JPY 797.00 ($9.88) per 10 grams. The price of US silver rose 1.4 percent to $30.99 per ounce after falling 3.1 percent during the previous week. The price of Chinese silver fell 1.4 percent to CNY 6,515 ($1,035) per kilogram after rising 0.3 percent the week before. Following a 1.1 percent increase, the price of Indian silver fell 0.7 percent last week to INR 55,776 ($1,062) per kilogram.

Closing out the third week of rising prices, the price of US palladium bar increased by 2.3 percent, landing at $679.00 per ounce. The price of Chinese palladium bar fell 1.2 percent to CNY 161.00 ($25.60) per gram after rising 5.2 percent the week before. Following a five percent increase in the previous week, the price of Japanese palladium bar fell 0.6 percent last week to JPY 1,745 ($21) per gram.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide an 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.

PGM Price Update

Decreasing one percent, US palladium bar was the biggest mover of the day, finishing at $665.00 per ounce on April 25, 2012. Chinese palladium bar closed 0.6 percent lower at CNY 162.00 ($25.69) per gram. At JPY 1,751 ($21) per gram, the price of Japanese palladium bar was essentially unchanged.

Chinese platinum bar ended the day at CNY 334.00 ($52.97) per gram after a 0.4 percent drop. The price of Japanese platinum bar held steady at JPY 4,048 ($49) per gram. The price of US platinum bar remained essentially flat at $1,552 per ounce.

Gold and Silver Price Update

After falling for two days, the price of Japanese gold bullion rose 0.9 percent to JPY 4,298 ($52) per gram. US gold bullion finished the day down 0.5 percent to $1,639 per ounce. At CNY 334.58 ($53.07), the price of Chinese gold bullion finished the market day up 0.3 percent per gram. Prices plateaued for Indian gold bullion at INR 28,808 ($546) per 10 grams.

US silver prices saw a one percent decline to $30.79 per ounce. Following a two-day drop, the price of Japanese silver increased by 0.4 percent to JPY 798.00 ($9.83) per 10 grams. The price of Indian silver declined 0.1 percent to INR 55,545 ($1,054) per kilogram. The price of Chinese silver broke its fall and settled at CNY 6,465 ($1,025) per kilogram.

Want complete pricing? Get it daily with the new MetalMiner IndX℠

Most of the precious metals appear fairly straightforward (the picture doesn’t look too pretty for 2009) with one exception, gold. Now from a jewelry perspective, I’d always short gold (I personally am not a fan) but alas, that’s not the purpose of this analysis. Many of the major investment banks and research houses are bullish on gold, mostly due to gold serving as the safe haven asset in times of trouble. Banks like Citi predicted back in early December that gold would shoot to $2000/oz though we believe that prediction may be more based on Citi’s own precarious situation. Many are already saying that this recession is the worst since the end of WWII, and deeper than the recession of 1981-1982. But let’s take a look at a few of the key factors that impact gold prices.

For us at MetalMiner, we believe the factors influencing gold include the following: global interest rates, the value of the dollar, inflationary/deflationary cycles, industrial and jewelry demand and ETF investment. In support of gold prices, we have massive monetary stimulus and a lack of confidence in most global currencies. This is the safe haven argument. And in general, gold prices go up when interest rates go down and inflation increases. ETF’s also serve to boost gold prices. Prior to 2005, the dollar and gold traded in lockstep. But since 2005, gold has spiked even when the dollar has declined. So what is our call? We believe demand for jewelry will remain depressed as will industrial demand. Short term, deflation will be a bigger concern than inflation. However, inflation could become a big issue as soon as the economy picks up (perhaps in late 2009/2010). Global interest rates will continue to drop or be pushed lower to stimulate various economies. The dollar will likely remain “relatively” strong over the short term. The research firms believe ETF’s will overcome weak industrial demand pushing up prices. We tend to agree though we’ll temper our estimates with a lower average 2009 price because of deflationary concerns. So if Citi is at $2000, some of the analysts such as Morgan Stanley are at $900, we are slightly less enthusiastic putting our price estimates in the $800-900 range as the yearly average. Read more

1 112 113 114