According to Forbes, commodity analysts are expecting gold to remain weak in the next three months as seasonal factors, an improving U.S. economy and lack of bullish momentum drag prices down.
Ole Hansen, head of commodity strategy at Saxo Bank, told Forbes that the second quarter is usually a quiet time for gold, but this year traders could be more sensitive to increased weakness in the next three months, especially after a strong first quarter.
With a 2.8 percent increase on Monday, April 7, Indian gold bullion was the biggest mover on the Global Precious Metals MMI®. US gold bullion prices rose 1.2 percent to $1,302 per ounce. The price of Japanese gold bullion changed direction with a 0.2 percent drop. After two days of improving prices, the metal finished at JPY 4,311 ($41.73) per gram. The price of Chinese gold bullion held steady at CNY 256.60 ($41.31) per gram.
At INR 42,651 ($712.45) per kilogram, Indian silver fell 2.7 percent yesterday. Following a couple days of improvement, the price of Japanese silver weakened by 1.4 percent. Prices closed at JPY 657.00 ($6.36) per 10 grams. At $19.95, the price of US silver finished the market day up 0.7 percent per ounce. Chinese silver held its value yesterday at CNY 4,105 ($660.81) per kilogram.
Weakening prices followed two days of improvement as the price of Japanese platinum bar dropped 1.1 percent to JPY 4,758 ($46.05) per gram. After a 0.5 percent increase, US platinum bar finished the day at $1,444 per ounce. At CNY 307.00 ($49.42) per gram, the price of Chinese platinum bar was essentially unchanged.
Japanese palladium bar saw its price rise 1.7 percent to JPY 2,631 ($25.47) per gram. US palladium bar prices inched up 0.1 percent to $786.00 per ounce. Chinese palladium bar stayed flat at around CNY 179.00 ($28.81) per gram.