Precious Metal Update: HSBC Ups Gold Price Forecast; Platinum Down

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According to Reuters, “HSBC Global Research raised its 2013 gold price forecast and said physical demand is becoming a major driver for the yellow metal. The bank lifted its gold price outlook for this year to $1,446 per ounce from $1,396, and kept its 2014 forecast unchanged at $1,435 an ounce. Spot gold was trading at $1,330.66 at 17:36 GMT on Thursday.”

However, gold prices aren’t so hot on MetalMiner’s daily index. The price of Japanese gold bullion declined 1.6 percent. Chinese gold bullion prices saw a 0.9 percent decline. Following a two-day drop, the price of US gold bullion increased by 0.2 percent. The price of Indian gold bullion fell 0.1 percent.

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The day’s biggest mover, however, was Japanese platinum bar, dropping 1.9 percent on Thursday, September 12. US platinum bar ended the day after a 0.2 percent drop yesterday. The price of Chinese platinum bar showed little movement yesterday.

Chinese palladium bar finished the day down 1.3 percent. US palladium bar closed 0.3 percent lower. Japanese palladium bar fell 0.3 percent yesterday.

The price of Japanese gold bullion declined 1.6 percent. Chinese gold bullion prices saw a 0.9 percent decline. Following a two-day drop, the price of US gold bullion increased by 0.2 percent. The price of Indian gold bullion fell 0.1 percent.

After falling for two days, the price of US silver rose 1.1 percent. The price of Chinese silver is back up, rising by 0.8 percent yesterday. Japanese silver prices saw a 0.7 percent decline. Indian silver closed 0.5 percent lower.

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