palladium price

Gold inflows to India – the world’s heaviest consumer nation for some 2,000 years – will continue facing 10% import duty after Saturday’s new government budget disappointed jewelers hoping for a cut to 6% or even 2%.

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China’s central bank cut interest rates for the second time in 3 months over the weekend.  The People’s Bank of China on Monday cut its benchmark lending rate to 5.35% and cut its deposit rate by the same 0.25 percentage points to 2.5% per year. World stock markets edged higher as the Yuan fell to a 2-year low against the US dollar and major commodities slipped a further 0.5% overall. New Purchasing Managers’ Index data today said activity in China’s manufacturing sector fell in February for the second month running.

On Friday, February 27, the day’s biggest mover was the price of Chinese palladium bar, which saw a 5.2% increase to CNY 183.00 ($29.25) per gram. This increase comes after three straight days of stagnant prices. At JPY 3,117 ($26.11), the price of Japanese palladium bar finished the market day up 0.5% per gram. US palladium bar finished the day up 0.4% to $807.00 per ounce.

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After remaining flat for three days, the price of Chinese platinum bar fell 1.9% last Friday to CNY 254.00 ($40.60) per gram. US platinum bar prices inched up 0.3% to $1,172 per ounce. The price of Japanese platinum bar increased 0.1% to JPY 4,517 ($37.84) per gram.

The price of Chinese gold bullion fell 1.3% last Friday to CNY 244.75 ($39.12) per gram. Indian gold bullion finished the day down 0.6% to INR 26,412 ($427.73) per 10 grams. US gold bullion prices rose 0.4% to $1,209 per ounce. Japanese gold bullion gained 0.2% to finish at JPY 4,630 ($38.78) per gram.

The price of Chinese silver moved last Friday. After a few changeless days, prices dropped 2.1% to CNY 3,565 ($569.82) per kilogram. Japanese silver saw its price rise 0.9% to JPY 638.00 ($5.34) per 10 grams. After a 0.1% increase, Indian silver finished the day at INR 36,965 ($598.63) per kilogram. The price of US silver flattened at $16.53 after two days of improvement.

India’s demand for gold was muted this week as buyers in the world’s top consumer of the metal held off purchases ahead of an expected cut in the gold import duty and a likely drop in local prices.

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Dealers hope to step up purchases if the import duty is lowered from a record 10% in Saturday’s federal budget, to meet demand from the upcoming wedding season and Akshay Tritiya, a major festival associated with gold-buying in April.

Japanese silver saw the biggest upwards shift for the day, rising 1.4% to close at JPY 632.00 ($5.32) per 10 grams on Thursday, February 26. US silver finished the day up 0.3% to $16.54 per ounce. The price of Indian silver steadied at INR 36,924 ($596.65) per kilogram following two-days of increases. The price of Chinese silver saw essentially no change for the fifth day in a row, remaining around CNY 3,640 ($581.58) per kilogram.

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Following a couple days of improvement, the price of Indian gold bullion weakened by 0.3%. Prices closed at INR 26,563 ($429.23) per 10 grams. Japanese gold bullion gained 0.2% to finish at JPY 4,623 ($38.90) per gram. The price of US gold bullion remained steady at $1,204 per ounce. The price of Chinese gold bullion held steady at CNY 247.91 ($39.61) per gram.

Japanese platinum bar prices rose 0.4% to JPY 4,512 ($37.97) per gram. The price of US platinum bar increased 0.3% to $1,168 per ounce. For the fifth day in a row, the price of Chinese platinum bar remained essentially flat at CNY 259.00 ($41.38) per gram.

After a 1.4% increase, Japanese palladium bar finished the day at JPY 3,103 ($26.11) per gram. US palladium bar saw its price rise 0.5% to $804.00 per ounce. The price of Chinese palladium bar continues hovering around CNY 174.00 ($27.80) per gram for the fifth day in a row.

General Motors is cutting production at two of its car plants amid mounting dealer inventories, an effort to reduce stocks of the Chevrolet Sonic and Camaro, Buick Regal and other models.

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This week, GM scheduled downtime for March 9-13 at its Orion Assembly plant in suburban Detroit, where the Sonic and Buick Verano small cars are made, to adjust supply to demand, a plant worker and another person with knowledge of the schedule told the Automotive News.

The Orion plant also was idle last week and previously had scheduled a down week for April 6-10, also to trim excess inventory. Meanwhile, the “flex” line at GM’s Oshawa, Ontario, plant will be idled April 13-17, cutting production of the Camaro sports car, Regal sedan, Cadillac XTS sedan and Chevy Impala, one of the sources told the Automotive News.

US palladium bar improved by 3.3%, reaching $804.00 per ounce on the weekly Automotive MMI®. The price of US platinum bar rose 0.3% to $1,168 per ounce after falling 2.2% during the previous week.

* Get the complete prices every day on the MetalMiner IndX℠

The price of US HDG fell 1.6% over the past week to $674.00 per short ton. This was the fourth week in a row of declining prices.

Finishing the fourth week of rising prices, the cash price of primary copper increased by 2.0% on the LME, finishing at $5,805 per metric ton. The copper 3-month price rose 1.8% on the LME over the past week to $5,782 per metric ton. This was the fourth week in a row of increasing prices. The price of Korean 5052 coil premium over 1050 sheet rose 0.3% to KRW 3,997 ($3.63) per kilogram after falling 4.3% during the previous week. At CNY 12,650 ($2,021) per metric ton, the price of Chinese lead remained essentially flat.

The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Gold prices gained on Thursday in Asia as investors eyed Asian Demand.

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On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 an ounce. Chinese buyers returned to markets after a week-long break for the Lunar New Year. China is the second-largest buyer of the precious metal in the world.

On Wednesday, February 25, the day’s biggest mover was Indian silver, which saw a 1.7% increase to INR 36,958 ($595.18) per kilogram. The price of Japanese silver increased 0.8% to JPY 623.00 ($5.24) per 10 grams. US silver prices rose 0.8% to $16.49 per ounce. The price of Chinese silver held steady at CNY 3,640 ($582.57) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

At INR 26,642 ($429.05), the price of Indian gold bullion finished the market day up 0.5% per 10 grams. The price of US gold bullion rose 0.5% to $1,205 per ounce after a two-day drop. Japanese gold bullion prices inched up 0.4% to JPY 4,613 ($38.80) per gram. The price of Chinese gold bullion saw essentially no change for the fifth day in a row, remaining around CNY 247.91 ($39.68) per gram.

After a 0.6% increase, Japanese platinum bar finished the day at JPY 4,495 ($37.80) per gram. After falling for two days, the price of US platinum bar rose 0.2% to $1,164 per ounce. The price of Chinese platinum bar saw little movement at CNY 259.00 ($41.45) per gram.

US palladium bar gained 1.7% to finish at $800.00 per ounce. Japanese palladium bar saw its price rise 0.9% to JPY 3,061 ($25.74) per gram. The price of Chinese palladium bar was unchanged at CNY 174.00 ($27.85) per gram.

Switzerland’s competition commission WEKO is investigating possible gold and silver price fixing in the precious metals market, its spokesman said on Tuesday.

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The former gold and silver fixes, along with other commodity benchmarks, have come under increasing scrutiny by regulators in Europe and the US since a London Interbank Offered Rate (Libor) manipulation case in 2012.

The century-old gold fix, which ended in November,  was a standard price for the metal that banks set twice a day over the phone.

“We have a preliminary investigation into the manipulation of gold and precious metal price fixing,” the spokesman told Reuters. He declined to say which banks were involved.

The spokesman said this preliminary investigation began in 2014, without elaborating. This is a separate investigation than the one by the US Dept. of Justice and the Commodity Futures Trading Commission is conducting into several banks, some of which previously participated in the silver and gold fixes.

On Tuesday, February 24, Japanese silver jumped up 3.0%, landing at JPY 618.00 ($5.20) per 10 grams and making it the day’s biggest increase. US silver closed 0.5% lower at $16.36 per ounce. The price of Indian silver is back up, rising by 0.5% on Tuesday to close at INR 36,328 ($584.23) per kilogram. The price of Chinese silver was unchanged at CNY 3,640 ($581.68) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

US gold bullion prices saw a 0.4% decline to $1,200 per ounce. After falling for two days, the price of Indian gold bullion rose 0.3% to INR 26,512 ($426.37) per 10 grams. The price of Japanese gold bullion flattened at JPY 4,595 ($38.64) following two-days of declines. The price of Chinese gold bullion held steady at CNY 247.91 ($39.62) per gram.

Following a two-day drop, the price of Japanese platinum bar increased by 0.6% to JPY 4,470 ($37.59) per gram. The price of US platinum bar declined 0.2% to $1,162 per ounce. The price of Chinese platinum bar saw essentially no change for the fifth day in a row, remaining around CNY 259.00 ($41.39) per gram.

At $787.00, the price of US palladium bar finished the market day up 0.8% per ounce. The price of Japanese palladium bar fell 0.8% to JPY 3,033 ($25.51) per gram on Tuesday after two days of no change. For the fifth consecutive day, the price of Chinese palladium bar held flat at CNY 174.00 ($27.81) per gram.

The Department of Justice (DoJ) and the Commodity Futures Trading Commission are investigating at least 10 major banks for possible precious-metals price rigging, the Wall Street Journal reported, citing people close to the inquiries.

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DoJ prosecutors are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the CFTC has opened a civil investigation, the newspaper said.

The banks are HSBC Holdings Plc, Bank of Nova Scotia, Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, JPMorgan Chase & Co, Societe Generale, Standard Bank Group Ltd and UBS Group AG, the Journal said.

The precious-metals probes are the latest example of regulatory scrutiny into how the world’s biggest financial institutions influence widely used benchmarks.

With a decline of 4.5% to JPY 600.00 ($5.04) per 10 grams on Monday, February 23, Japanese silver recorded the biggest price drift of the day. The price of Indian silver declined 1.1% to INR 36,153 ($581.85) per kilogram. After a 0.3% increase, US silver finished the day at $16.45 per ounce. The price of Chinese silver remained steady at CNY 3,640 ($582.09) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Indian gold bullion prices saw a 0.8% decline to INR 26,429 ($425.35) per 10 grams. Japanese gold bullion ended the day at JPY 4,597 ($38.60) per gram, after the 0.4% drop yesterday. The price of US gold bullion fell 0.3% to $1,205 per ounce. The price of Chinese gold bullion continues hovering around CNY 247.91 ($39.64) per gram for the fifth day in a row.

After improving for two days, the price of US platinum bar declined 0.5% to $1,164 per ounce. At JPY 4,442 ($37.30) per gram, Japanese platinum bar fell 0.4% on Monday. The price of Chinese platinum bar saw essentially no change for the fifth day in a row, remaining around CNY 259.00 ($41.42) per gram.

US palladium bar prices rose 0.4% to $781.00 per ounce. Japanese palladium bar stayed flat at around JPY 3,056 ($25.66) per gram. For the fifth day in a row, the price of Chinese palladium bar remained essentially flat at CNY 174.00 ($27.83) per gram.

Most precious metals fell this week as Greece and the European Union agreed to an extension of the beleaguered island nation’s bailout package.

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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.

* Get the complete prices every day on the MetalMiner IndX℠

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.

Barrick Gold Corp., the world’s largest gold producer, released its fourth quarter results on February 18 and conducted a conference call with analysts on February 19. As expected, lower realized gold and copper prices, as well as lower gold shipments, negatively impacted the company’s Q4 results.

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The company’s adjusted net earnings, which exclude the impact of non-recurring items such as impairments, fell from $406 million in Q4 2013, to $174 million in Q4 2014. Revenues stood at $2.51 billion in Q4 2014, lower than the $2.94 billion in revenues reported in Q4 2013.

The day’s biggest mover was Indian silver, dropping 0.8% to settle at INR 36,567 ($588.17) per kilogram on Friday, February 20. The price of US silver closed at $16.39 per ounce. Following a couple days of improvement, prices fell by 0.7%. The price of Chinese silver showed little movement last Friday at CNY 3,640 ($581.83) per kilogram. The price of Japanese silver flattened at JPY 628.00 ($5.28) per 10 grams after two days of downward movement.

* Get the complete prices every day on the MetalMiner IndX℠

At JPY 4,616 ($38.79) per gram, Japanese gold bullion fell 0.5% last Friday. The price of Indian gold bullion fell 0.4% to INR 26,655 ($428.74) per 10 grams. US gold bullion closed 0.2% lower at $1,208 per ounce. For the fifth consecutive day, the price of Chinese gold bullion held flat at CNY 247.91 ($39.63) per gram.

Japanese platinum bar ended the day at JPY 4,461 ($37.49) per gram, after the 0.5% drop last Friday. US platinum bar finished the day up 0.4% to $1,170 per ounce. The price of Chinese platinum bar remained essentially flat at CNY 259.00 ($41.40) per gram.

Japanese palladium bar stayed flat at around JPY 3,056 ($25.68) per gram. The price of US palladium bar held steady at $778.00 per ounce. The price of Chinese palladium bar was unchanged at CNY 174.00 ($27.81) per gram.

Novelis Inc., a subsidiary of Aditya Birla Group‘s Hindalco Industries, plans to grow its auto and specialty aluminum businesses to a quarter each of its overall shipment size, closing down its foil and other businesses.

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Auto and specialty aluminum are currently 9% and 12%, respectively, of their overall shipments. The foil and other businesses are second largest segment of its shipments (about 17%) after its beverage cans business (62%).

By 2020, the company’s beverage cans’ shipment share will shrink to 50%, while auto and specialty will grow to 25%, according to the company. Novelis is exiting the foil business after shutting down a plant that primarily produces foil in Brazil at the end of last year.

The week’s biggest mover on the weekly Automotive MMI® was the price of Korean 5052 coil premium over 1050 sheet, which saw a 4.3% decline to KRW 3,986 ($3.59) per kilogram. This week marked the third in a row of declining prices for the metal. The cash price of primary copper rose 0.8% on the LME to $5,690 per metric ton after falling 1.1% during the previous week. The price of Chinese lead rose 0.8% to CNY 12,650 ($2,023) per metric ton after falling 0.8% during the previous week. The 3-month price of copper rose 0.6% on the LME to $5,680 per metric ton after falling 0.7% during the previous week.

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The price of US HDG fell 1.3% over the past week to $685.00 per short ton. This was the fourth week in a row of declining prices.

The price of US platinum bar fell 2.2% over the past week to $1,165 per ounce. This was the fourth week in a row of declining prices. The price of US palladium bar rose 1.6% to $778.00 per ounce after falling 3.0% during the previous week.

The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Gold prices advanced Thursday as traders’ hopes that the Federal Reserve would delay raising interest rates outweighed pressure from a potential debt deal for Greece.

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Gold prices marched higher after Federal Open Market Committee meeting minutes released Wednesday showed that many officials were inclined to put off raising interest rates for longer than expected. The central bank is widely expected to raise interest rates in the second half of the year, though the dovish minutes soothed fears a move would come as early as June.

Japanese silver saw the biggest price decline of the day, dropping 3.4% to close at JPY 628.00 ($5.29) per 10 grams on Thursday, February 19. The price of Indian silver declined 1.6% to INR 36,869 ($593.85) per kilogram. The price of US silver increased 0.9% to $16.51 per ounce. Chinese silver stayed flat at around CNY 3,640 ($582.05) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Following a 1.2% rise on Thursday, the price of Indian gold bullion closed at INR 26,771 ($431.20) per 10 grams. After falling for two days, the price of US gold bullion rose 1.0% to $1,211 per ounce. The price of Japanese gold bullion is back up, rising by 0.4% yesterday to close at JPY 4,640 ($39.09) per gram. The price of Chinese gold bullion remained essentially flat at CNY 247.91 ($39.64) per gram.

The price of Japanese platinum bar rose 0.3% to JPY 4,484 ($37.77) per gram after a two-day drop. The price of US platinum bar is back up, rising by 0.3% on Thursday to close at $1,165 per ounce. Chinese platinum bar held its value on Thursday at CNY 259.00 ($41.42) per gram.

Japanese palladium bar prices saw a 1.4% decline to JPY 3,056 ($25.74) per gram. The price of US palladium bar rose 0.3% to $778.00 per ounce after a two-day drop. The price of Chinese palladium bar held steady at CNY 174.00 ($27.82) per gram.

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