UBS (NYSE:UBS) will settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging, the Financial Times reported.
The Swiss lender is one of a group of banks including Barclays (NYSE:BCS), Citigroup Inc (NYSE:C), HSBC (NYSE:HSBC), JPMorgan Chase & Co (XETRA:JPM) and Royal Bank of Scotland Group PLC (NYSE:RBS) that are set to announce an agreement of at least £1.5bn on Wednesday to settle forex rigging allegations with the UK’s Financial Conduct Authority.
Precious metals mostly declined this week under continued pressure from a strong US Dollar.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US palladium bar, which saw a 6.5% decline to $747.00 per ounce. This comes on the heels of a 3.0% increase the week before. Following a 1.8% increase in the week prior, the price of Chinese palladium bar fell 2.3% last week to CNY 170.00 ($27.68) per gram. Japanese palladium bar rose 2.0% over the past week to JPY 2,806 ($25.77) per gram.
The price of US platinum bar decreased to $1,190 per ounce, a 3.9% decline from the previous week. After a 0.8% decline, Chinese platinum bar closed out the week at CNY 256.00 ($41.68) per gram. Closing out the third week of rising prices, the price of Japanese platinum bar increased by 0.2%, landing at JPY 4,417 ($40.57) per gram.
US gold bullion prices were off slightly at $1,160 per ounce, down from $1,169 a week ago. The price of Chinese gold bullion rose 0.6% to CNY 230.86 ($37.59) per gram after falling 5.3% during the previous week. For the third week in a row, the price of Indian gold bullion dropped, falling 0.5% to INR 26,200 ($427.37) per 10 grams. Japanese gold bullion saw a 0.5% decline over the past week to JPY 4,205 ($38.62) per gram.
The price of Indian silver fell 4.5% over the past week to INR 36,309 ($592.27) per kilogram. This was the third week in a row of declining prices. Japanese silver dropped 3.8% over the past week to JPY 564.00 ($5.18) per 10 grams. At $15.68 per ounce, the price of US silver finished the week down 2.5%. Closing out the third week of declining prices, the price of Chinese silver dropped by 2.1%, finishing at CNY 3,445 ($560.91) per kilogram.
Disclosure: 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.