Palladium hallmarking rockets in October

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Gold, platinum and silver dip as the newest precious metal soars 77%.

Palladium hallmarking rocketed in October with the number of palladium items hallmarked in the month soaring 77 percent on 2009’s levels to 8,422 items.

The metal has struggled in its first few monthly year-on-year comparisons as levels were pitched against high figures from 2009 driven by retailers sending in recalled stock to comply with the newly created hallmark. However, in October data from the four UK Assay Offices showed a clear uplift.

The Assay Office said the figure is “indicating a continuing trend for this new white metal which is clearly selling through”.

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The total number of units hallmarked across the four UK Assay Offices was down 20 percent in October. The total number of items hallmarked fell to 1.74 million in October, compared with 2.17 million in the same month in 2009.

After a rise of 11.5 percent in September, silver hallmarking tumbled in October. Silver hallmarking dropped 13.6 percent year on year to 962,693 items.

The total number of gold items hallmarked in the month dropped  28 percent to 741,542 as the high price of gold continued to take its toll. The 9ct gold sector was hardest hit with a drop of 29 percent to 558,358 items.

Platinum hallmarking also took a dip in the month, slipping 5.3 percent to 22,640 items. 

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