Indian Gold Bullion Dips Below 27,000 Rupees Per 10 Grams, a 10-Month Low

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The price of gold in the Mumbai’s gold bullion market has fallen below the 27,000 rupees per 10 grams mark for the first time in more than 10 months and is now nearing the year-low figure seen in last June, just before the rupee went into a tailspin.

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Indian gold bullion ended the day at INR 26,138 ($442.77) per 10 grams, after the 1.9 percent drop on Wednesday.  The day’s biggest mover was Japanese gold bullion, dropping 2.2 percent to settle at JPY 4,143 ($40.63) per gram on Wednesday, May 28. The price of Chinese gold bullion fell 1.8 percent to CNY 254.95 ($40.79) per gram yesterday after two days of no change. US gold bullion finished the day down 0.3 percent to $1,263 per ounce.

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Following a quiet couple of days, the price of Japanese silver fell 0.9 percent on Wednesday to JPY 630.00 ($6.18) per 10 grams. Chinese silver prices saw a 0.6 percent decline to CNY 4,150 ($663.98) per kilogram. Following a 0.4 percent rise on Wednesday, the price of Indian silver closed at INR 41,200 ($697.91) per kilogram. After dropping for two days, the price of US silver flattened at $19.04.

After two changeless days, the price of Japanese platinum bar fell 1.0 percent to JPY 4,805 ($47.12) per gram. The price of Chinese platinum bar dropped by 1.0 percent to CNY 312.00 ($49.92) per gram after holding steady. After a couple of days of decreasing prices, the price of US platinum bar held steady at $1,461.

Following a two-day drop, the price of US palladium bar increased by 0.6 percent to $831.00 per ounce. The price of Chinese palladium bar fell 0.5 percent to CNY 189.00 ($30.24) per gram. The price of Japanese palladium bar saw essentially no change for the fifth day in a row, remaining around JPY 2,687 ($26.35) per gram.

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