Comments from Fed’s Yellen Do Not Spark Silver, Gold Prices

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Comments by Federal Reserve Chairwoman Janet Yellen yesterday did not spark sagging prices of precious metals. Yellen’s re-commitment to existing bond-buying was not enough to reverse a week-long decline for gold, silver and other other precious metals.

“This commitment is strong, and I believe the Fed’s policies will continue to help sustain progress in the job market,” Yellen said during a speech at the Community Re-Investment Conference in Chicago.

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On Monday, March 31, the day’s biggest mover was Japanese palladium bar, which saw a 2.7 percent decline to JPY 2,526 ($24.54) per gram. Following a 2.2 percent rise on Monday, the price of US palladium bar closed at $774.00 per ounce. The price of Chinese palladium bar is back up, rising by 1.7 percent yesterday to close at CNY 177.00 ($28.53) per gram.

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After falling for two days, the price of US platinum bar rose 1.6 percent to $1,415 per ounce. Japanese platinum bar finished the day down 1.3 percent to JPY 4,628 ($44.97) per gram. The price of Chinese platinum bar rose 1.0 percent to CNY 302.00 ($48.68) per gram after a two-day drop.

The price of Japanese gold bullion declined 0.5 percent to JPY 4,260 ($41.39) per gram. Following a two-day drop, the price of Indian gold bullion increased by 0.2 percent to INR 27,904 ($466.23) per 10 grams. After falling for two days, the price of Chinese gold bullion rose 0.2 percent to CNY 258.33 ($41.64) per gram. The price of US gold bullion is back up, rising by 0.1 percent yesterday to close at $1,294 per ounce.

Indian silver prices rose 2.4 percent to INR 45,647 ($762.69) per kilogram. Following a two-day drop, the price of US silver increased by 0.8 percent to $19.84 per ounce. Following a 0.2 percent rise on Monday, the price of Chinese silver closed at CNY 4,125 ($664.96) per kilogram. After dropping for two days, the price of Japanese silver flattened at JPY 650.00 ($6.32).

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