Silver Drops 5% as Federal Reserve Statements Stunt Precious Metals

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With a decline of 5.9 percent to INR 44,510 ($729.31) per kilogram on Monday, March 24, Indian silver recorded the biggest price drift of the day. US silver prices saw a 0.8 percent decline to $20.11 per ounce. At CNY 4,130 ($663.42) per kilogram, Chinese silver fell 0.6 percent yesterday. The price of Japanese silver flattened at JPY 679.00 ($6.64) following two-days of declines.

Some of Silver’s recent weakness is being blamed on the Federal Reserve, since new chair Janet Yellen suggested interest rates could be hiked sooner than expected as the firmer US dollar could take away the investments some would make in precious metals. Consumer confidence data came in its highest since 2008 as well.  The Conference Board, an industry group, said its index of consumer attitudes rose to 82.3, the highest since January 2008, from an upwardly revised 78.3 in February and against an expected reading of 78.6.

With a decline of 5.9 percent to INR 44,510 ($729.31) per kilogram on Monday, March 24, Indian silver recorded the biggest price drift of the day. US silver prices saw a 0.8 percent decline to $20.11 per ounce. At CNY 4,130 ($663.42) per kilogram, Chinese silver fell 0.6 percent yesterday. The price of Japanese silver flattened at JPY 679.00 ($6.64) following two-days of declines.

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The price of Indian gold bullion fell 1.1 percent to INR 28,762 ($471.28) per 10 grams. US gold bullion closed 0.8 percent lower at $1,318 per ounce. The price of Chinese gold bullion declined 0.7 percent to CNY 264.45 ($42.48) per gram. The price of Japanese gold bullion flattened at JPY 4,380 ($42.83) per gram after two days of downward movement.

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The price of Chinese platinum bar is back up, rising by 0.3 percent yesterday to close at CNY 307.00 ($49.31) per gram. After falling for two days, the price of US platinum bar rose 0.3 percent to $1,430 per ounce. The price of Japanese platinum bar remained essentially flat at JPY 4,765 ($46.60) per gram.

After a 2.7 percent increase, US palladium bar finished the day at $787.00 per ounce. Chinese palladium bar reached CNY 178.00 ($28.59) per gram, continuing a five-day accelerated trend upwards with a 2.3 percent shift. Japanese palladium bar saw little change in its price on Monday at JPY 2,542 ($24.86) per gram.

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