The FT’s Jack Farchy reports on gold bulls’ and analysts’ cases for why a Mitt Romney presidency would be harmful for gold prices, since he’s more likely to bring down the deficit — increasing the value of the US dollar, thereby lowering demand for gold — and more likely to replace current, “dovish” Fed Chairman Ben Bernanke with a more hawkish chairman of the Federal Reserve.
“If Obama gets re-elected gold is going to go through the roof,” Farchy quotes Tobina Kahn, vice-president of House of Kahn, a Chicago-based jewellery group, as saying.
Meanwhile, gold prices dropped this week, while China palladium prices showed the biggest drop on MetalMiner’s weekly Global Precious Metals MMI®.
Current Gold Prices Down on Weekly Index
Gold, silver and PGM prices all faltered exactly one week before the US presidential election.
Closing out the third week of declining prices, the price of US gold bullion dropped by 0.5 percent. Chinese gold bullion prices were off slightly, down about $0.50 per gram from a week ago. The price of Japanese gold bullion fell 0.3 percent after rising 0.3 percent the week before. The week finished with no movement for Indian gold bullion.
The biggest mover on the weekly Global Precious Metals price index was the price of Chinese palladium bar, which saw a 6.5 percent decline. This comes on the heels of a 0.6 percent increase the week before. The price of Japanese palladium bar fell 5 percent after rising 0.9 percent the week before. The price of US palladium bar finished the week down 4.6 percent.
The price of US platinum bar dropped 4.5 percent this week, closing out the third consecutive week of falling prices. Following a 0.5 percent increase in the week prior, the price of Japanese platinum bar fell 3.9 percent last week. Chinese platinum bar saw a 3.5 percent drop-off this week.
The price of Chinese silver rose 0.2 percent after falling 2.6 percent during the previous week. For the third week in a row, the price of Japanese silver dropped, falling 0.1 percent. US silver prices held steady from the previous week, and prices for Indian silver closed flat as well.
Image source: dailyracingrag.com
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.