Silver Rises in wake of U.S. Fed meeting
New York (June 19) Silver for July delivery rose 0.8 percent to $19.945 an ounce in New York, after climbing earlier to $19.98, the highest since May 14. The metal for immediate delivery in London traded at $19.9528. Members of the London Bullion Market Association will hear proposals tomorrow on alternatives to the 117-year-old London silver fixing benchmark that’s ending in August. The agreement should be reached by the market and announced in early July, LBMA said today.
Platinum for July delivery in New York added 0.4 percent to $1,456 an ounce, while palladium for September delivery advanced 0.5 percent to $826.50 an ounce.
Platinum producers in South Africa are seeking more meetings with the biggest union to discuss a compromise on new pay demands delaying a settlement of a 21-week strike. The Association of Mineworkers and Construction Union submitted additional terms that companies say are unaffordable. South Africa is the biggest platinum and second-largest palladium producer.