Silver, Gold off as Stocks Reach Year Highs

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Silver and gold continued their slides Tuesday as the S&P 500 hit a new high on Wednesday. Precious metals buyers stayed in wait and see mode as the effects of Chile’s massive earthquake shook through the markets as well.

The price of Indian silver fell 3.2 percent on Tuesday, April 1 to INR 44,199 ($735.12) per kilogram, making it the day’s biggest mover. Chinese silver ended the day at CNY 4,105 ($660.25) per kilogram, after the 0.5 percent drop yesterday. The price of US silver declined 0.5 percent to $19.75 per ounce. The price of Japanese silver held steady at JPY 650.00 ($6.30) per 10 grams.

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The price of Chinese gold bullion fell 0.9 percent to CNY 256.00 ($41.18) per gram. Indian gold bullion prices saw a 0.8 percent decline to INR 27,682 ($460.41) per 10 grams. US gold bullion closed 0.7 percent lower at $1,285 per ounce. The price of Japanese gold bullion flattened at JPY 4,260 ($41.27) following two-days of declines.

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At $1,413 per ounce, US platinum bar fell 0.1 percent yesterday. The price of Chinese platinum bar showed little movement on Tuesday at CNY 302.00 ($48.57) per gram. At JPY 4,628 ($44.84) per gram, the price of Japanese platinum bar was essentially unchanged.

Chinese palladium bar finished the day down 0.6 percent to CNY 176.00 ($28.31) per gram. The price of Japanese palladium bar remained steady at JPY 2,526 ($24.47) per gram. US palladium bar stayed flat at around $774.00 per ounce.

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