Silver and Gold Jump, Fed and Russia Situations Contribute

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Silver, gold and platinum were rallied in all markets yesterday as the Federal Reserve again shed no light on if or when it will raise interest rates. Possible sanctions against Russia over the Crimea crisis also came to the fore again yesterday as US Senator John McCain had a terse exchange with Secretary of State John Kerry on the Senate floor.

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At INR 46,328 ($770.85) per kilogram, Indian silver moved up 7.8 percent on Wednesday, April 9, the day’s biggest change. US silver finished the day up 1.0 percent to $20.06 per ounce. Chinese silver prices rose 0.8 percent to CNY 4,155 ($670.53) per kilogram. At JPY 660.00 ($6.47), the price of Japanese silver finished the market day up 0.5 percent per 10 grams.

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The price of US gold bullion increased 0.9 percent to $1,308 per ounce. After a 0.8 percent increase, Chinese gold bullion finished the day at CNY 261.50 ($42.20) per gram. Indian gold bullion gained 0.7 percent to finish at INR 28,446 ($473.31) per 10 grams. Japanese gold bullion prices inched up 0.4 percent to JPY 4,327 ($42.44) per gram.

US platinum bar saw its price rise 1.1 percent to $1,435 per ounce. The price of Chinese platinum bar increased 1.0 percent to CNY 307.00 ($49.54) per gram. The price of Japanese platinum bar declined 0.6 percent to JPY 4,730 ($46.39) per gram.

A 3.0 percent increase carried the price of Japanese palladium bar to JPY 2,553 ($25.04) per gram, and its highest price in 30 days. At $774.00, the price of US palladium bar finished the market day up 1.6 percent per ounce. Chinese palladium bar finished the day up 1.1 percent to CNY 177.00 ($28.56) per gram.

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