European Central Bank Boosts Gold

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Gold Prices Going Up

Gold prices rose to nearly a one-week high following news that the European Central Bank cut several interest rates and introduced a negative deposit rate.

At 9:30 am today, most-active August gold is up $7.40 an ounce at $1,251.70.

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As expected, the ECB cut its refinancing operation by 10 basis points, bringing it down to 0.15%. As expected the central bank also introduced a negative deposit facility rate with a 10 basis point cut, bringing it to minus 0.10%, Forbes reported.

The ECB additionally dropped its marginal lending facility rate by 35 basis points to 0.45%

At INR 25,847 ($435.79) per 10 grams, Indian gold bullion moved up 1.1 percent on Wednesday, June 4, the day’s biggest change. Japanese gold bullion closed 0.4 percent lower at JPY 4,102 ($40.00) per gram. At CNY 250.96 ($40.12), the price of Chinese gold bullion finished the market day up 0.2 percent per gram. The price of US gold bullion steadied at $1,244 per ounce following two-days of dropping prices.

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Indian silver gained 0.6 percent to finish at INR 40,833 ($688.47) per kilogram. Chinese silver ended the day at CNY 4,105 ($656.32) per kilogram, after the 0.2 percent drop on Wednesday. The price of US silver is back up, rising by 0.2 percent yesterday to close at $18.80 per ounce. The price of Japanese silver held steady at JPY 617.00 ($6.02) per 10 grams.

At CNY 305.00 ($48.76) per gram, Chinese platinum bar fell 0.7 percent on Wednesday. US platinum bar prices saw a 0.3 percent decline to $1,426 per ounce. The price of Japanese platinum bar flattened at JPY 4,731 ($46.13) following two-days of declines.

After falling for two days, the price of US palladium bar rose 0.8 percent to $835.00 per ounce. The price of Chinese palladium bar fell 0.5 percent on Wednesday to CNY 188.00 ($30.06) per gram after three straight days with no change. Japanese palladium bar stayed flat at around JPY 2,730 ($26.62) per gram.

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