Gold and silver prices increased this week as Federal Reserve Chairwoman Janet Yellen continued to downplay the possibility of raising interest rates in the short term.
In the world’s largest gold market, India, the presiding government refused industry demands for a decrease in the 10% gold import tax and, like the Fed, its rate will remain unchanged.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 6.3% increase to JPY 638.00 ($5.32) per 10 grams. This comes on the heels of a 8.8% decline the week prior. The price of Indian silver rose 4.9% to INR 37,912 ($615.02) per kilogram after falling 7.6% during the previous week. The price of Chinese silver fell 1.2% to CNY 3,595 ($574.43) per kilogram after rising 0.8% the week before. The price of US silver rose 0.5% to $16.53 per ounce after falling 4.9% during the previous week.
The price of Indian gold bullion rose 2.6% to INR 27,108 ($439.75) per 10 grams after falling 1.8% during the previous week. The price of Japanese gold bullion rose 0.7% to JPY 4,630 ($38.64) per gram after falling 2.0% during the previous week. The price of US gold bullion rose 0.4% to $1,209 per ounce after falling 2.2% during the previous week. After a 0.2% decline, Chinese gold bullion closed out the week at CNY 247.30 ($39.51) per gram.
The price of Japanese platinum bar rose 1.7% to JPY 4,517 ($37.69) per gram after falling 3.6% during the previous week. Chinese platinum bar saw a 0.8% decline over the past week to CNY 257.00 ($41.06) per gram. The price of US platinum bar rose 0.7% to $1,172 per ounce after falling 3.3% during the previous week.
A 5.7% jump caught the week’s heaviest change for Chinese palladium bar. The price of US palladium bar rose 3.3% to $807.00 per ounce after falling 0.9% during the previous week. The price of Japanese palladium bar rose 2.0% to JPY 3,117 ($26.01) per gram after falling 1.1% during the previous week.