On 22nd June, 2012, the prices on silver in the United States dropped 3.1 percent to $26.72 per ounce influencing the daily precious metals index. Silver prices in India fell 1.7 percent to INR 52, 972($940) per kilogram.
Silver price in Japan declined 1 percent to JPY 702.00($8.77) per 10 grams. The prices on silver in China descended CNY 5,910($928) after two days of falls.
Subsequent to drop in silver prices, the prices on gold faced the same nod. Therefore, gold bullion prices in Japan came down 1.4 percent to JPY 4,040($50) per gram. Gold bullion in India hovered around INR 29, 961($532) per 10 grams denoting 0.4 percent drops. The prices on 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 climbs up, then the later 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 percent to $608.00 per ounce in the United States.
Image Credit: Creative Commons/Jurii