Gold Flat After Federal Reserve Reduces Bond Buying

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Gold Prices Going Up

Gold prices closed mostly flat yesterday after the Federal Reserve pared its monthly bond-buying program and said the economy is gaining momentum despite .1% first-quarter growth.

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Bloomberg News reported the central bank cut monthly asset buying to $45 billion, its fourth straight $10 billion cut, and said further reductions in “measured steps” are likely. Gold slumped 28 percent in 2013, the most since 1981, partly on concern that the Fed would slow the pace of monetary stimulus.

US gold bullion saw little movement on Wednesday, April 30, staying around $1,296 per ounce. The price of Chinese gold bullion showed little movement yesterday at CNY 260.55 ($41.64) per gram. The price of Indian gold bullion held steady at INR 28,301 ($468.45) per 10 grams. After a couple of days of improving prices, the price of Japanese gold bullion held steady at JPY 4,279 ($41.72).

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Chinese silver stayed flat at around CNY 4,095 ($654.39) per kilogram. The price of Indian silver remained steady at INR 42,590 ($704.96) per kilogram. Japanese silver saw little change in its price on Wednesday at JPY 648.00 ($6.32) per 10 grams. Following two days of downward movement, the price of US silver held steady at $19.44 per ounce.

The price of Chinese platinum bar ended a two-day climb, settling at CNY 305.00 ($48.74) per gram. US platinum bar held its value yesterday at $1,424 per ounce. Following a two-day rise, the price of Japanese platinum bar flattened at JPY 4,710 ($45.92).

At JPY 2,627 ($25.61) per gram, the price of Japanese palladium bar was essentially unchanged. The price of US palladium bar flattened at $804.00 after two days of improvement. The price of Chinese palladium bar remained essentially flat at CNY 181.00 ($28.92) per gram.

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