Gold Falls After Central Bank President Draghi’s EU Easing Comments

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Gold Prices Going Up

Gold fell on most indexes after two days of increases as after European Central Bank President Mario Draghi’s comments that the bank may act to stem falling inflation at its June meeting. Many economists expect a downward revision in the ECB staff’s inflation forecasts, which could open the way for more stimulus such as an interest rate cut, Reuters reported.

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Following two days of increases, the price of Indian gold bullion dropped by 0.7 percent to end at INR 28,269 ($471.11) per 10 grams on Wednesday, May 7. At $1,308 per ounce, US gold bullion fell 0.1 percent on Wednesday. Chinese gold bullion saw little change in its price on Wednesday at CNY 262.85 ($42.22) per gram. The price of Japanese gold bullion held steady at JPY 4,219 ($41.48) per gram.

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Indian silver prices rose 0.6 percent to INR 43,564 ($726.01) per kilogram. Chinese silver saw its price rise 0.2 percent to CNY 4,125 ($662.65) per kilogram. After improving for two days, the price of US silver declined 0.2 percent to $19.55 per ounce. Japanese silver stayed flat at around JPY 626.00 ($6.15) per 10 grams.

Chinese platinum bar gained 0.3 percent to finish at CNY 310.00 ($49.80) per gram. US platinum bar finished the day up 0.2 percent to $1,450 per ounce. Japanese platinum bar held its value yesterday at JPY 4,692 ($46.13) per gram.

US palladium bar saw its price rise 0.1 percent to $815.00 per ounce. At JPY 2,665 ($26.20) per gram, the price of Japanese palladium bar was essentially unchanged. The price of Chinese palladium bar showed little movement on Wednesday at CNY 185.00 ($29.72) per gram.

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