Gold and silver prices saw considerable daily drops as questions linger on the Federal Reserve Chairman Ben Bernanke’s next moves.
Bernanke said yesterday that the Fed may taper off its buying later this year, which has roiled precious metals markets. (Indeed, ol’ Ben may be on the chopping block sooner than later…)
Chinese silver saw the biggest price decline of the day, dropping 1.2 percent on Wednesday, June 19. Following a couple days of improvement, the price of Japanese silver weakened by 0.9 percent. US silver saw its price drop 0.7 percent to a 30-day low on Wednesday. The price of Indian silver declined 0.4 percent after two days of improvement.
US gold bullion closed 1.2 percent lower. The price of Chinese gold bullion declined 1.0 percent. The price of Indian gold bullion, following a couple days of improvement, weakened by 0.6 percent. Japanese gold bullion prices saw a 0.5 percent decline.
The price of US platinum bar rose 0.6 percent after a two-day drop. After falling for two days, the price of Japanese platinum bar rose 0.4 percent. Chinese platinum bar ended the day after a 0.3 percent drop on Wednesday.
US palladium bar fell 0.7 percent yesterday. Chinese palladium bar finished the day down 0.6 percent. The price of Japanese palladium bar remained steady.