The Asian gold market opened on Friday 28th November at 1188 USD/oz. With the results of the OPEC conference showing that oil production would not be reduced, this has caused a slump in crude oil to below 70 USD. Generally speaking commodities markets have taken a beating across the board. Gold saw a last minute dive on Friday, with markets closing at 1167 USD/oz, as the future of gold remains uncertain ahead of the Swiss vote on whether it should hold 1/5 of its assets in gold. If, as anticipated, a ‘no’ vote occurs, gold is likely to fall back down to the lows seen earlier this month.
As for today’s activity in the Mainland coin markets, some of the early strike sets of the 2015 Panda are selling for around 17500 yuan, but the majority of deals are concentrated above 18000 yuan, in the region of 18200 to 18500 yuan. The 2015 1 oz silver Panda has a current market value of around 153-154 yuan, and with the recent flurry of deals for this coin we may see a price rise, albeit a small one.
2015 gold bullion Pandas have seen a general slump in price in line with movements in the international gold price, but despite this prices for the 1 oz gold Pandas are hanging around the 7630-7650 yuan mark. The standard (not early strike) sets are seeing a degree of buyer interest in the region of 14830-14900 yuan. The small specification gold pieces weighing 1/10 oz and 1/20 oz have both fallen somewhat, seeing market values of 895 and 495 yuan, respectively.
Values for the 1 oz, ½ oz, ¼ oz, 1/10 oz, and 1/20 oz 2014 gold Pandas stand at 7850, 3840, 2160, 905, and 515 yuan, respectively. The 2014 1 oz silver Panda is holding steady at 168-169 yuan. For those interested in how this compares to previous years’ releases, the 2013, 2012, and 2011 1 oz silver Pandas currently have approximate values of 205, 265, and 230 yuan.