Silver was up in most indexes today as industrial and coin purchasers began buying the beleaguered precious metal, lowering supply and driving up prices. Silver lost 30% of its value in 2013 and hasn’t rebounded much this year but low prices are freeing up industrial users to stockpile silver to account for several years of raw material.
On Friday, June 6, US silver jumped 1.3 percent, trading at $19.04 per ounce and making it the day’s biggest winner among precious metals. After a 0.3 percent increase, Indian silver finished the day at INR 40,113 ($678.24) per kilogram. Chinese silver closed 0.1 percent lower at CNY 4,085 ($655.52) per kilogram. The price of Japanese silver remained steady at JPY 618.00 ($6.03) per 10 grams.
Chinese gold bullion saw its price rise 0.8 percent to CNY 252.54 ($40.53) per gram. After a 0.8 percent increase, the price of US gold bullion finished the day at $1,253 per ounce. At INR 25,886 ($437.69), the price of Indian gold bullion finished the market day up 0.3 percent per 10 grams. The price of Japanese gold bullion remained essentially flat at JPY 4,116 ($40.19) per gram.
Chinese platinum bar prices rose 0.7 percent to CNY 307.00 ($49.26) per gram. US platinum bar prices inched up 0.4 percent to $1,440 per ounce. Japanese platinum bar saw little change in its price last Friday at JPY 4,726 ($46.14) per gram.
US palladium bar prices finished the day up 0.2 percent to $836.00 per ounce. The price of Japanese palladium bar held steady at JPY 2,765 ($27.00) per gram. Chinese palladium bar held its value last Friday at CNY 188.00 ($30.17) per gram.