Credit: Jurii / CC-BY-SA 3.0

On 22nd June 2012, the prices of silver in the United States dropped 3.1 % to $26.72 per ounce, influencing the daily precious metals index. Silver prices in India fell 1.7 % to INR 52 972($940) per kilogram.

Silver price in Japan declined 1 % to JPY 702.00($8.77) per 10 grams. The prices of silver in China descended CNY 5,910($928) after two days of falls.

After a drop in silver prices, the gold prices faced the same nod. Therefore, gold bullion prices in Japan came down 1.4 % to JPY 4,040($50) per gram. Gold bullion in India hovered around INR 29 961($532) per 10 grams denoting 0.4 % drops. The prices of gold bullion in the United States flattered at $1,543 per ounce. However, Chinese gold bullion prices fixed at CNY 318.00($49.96) per gram.

There is a correlation between silver and gold prices. If the first climb up, then the latter drops down and vice versa. Both metals are equally important, but silver is enormously used in the industry.

Platinum – the third counterpart after silver and gold is following the same move. Palladium bar prices dropped 0.8 % to $608.00 per ounce in the United States.