Gold and silver prices were rising for a third straight day, following the Federal Reserve’s decision to keep interest rates low for the immediate future.
The Fed said Wednesday that it plans to keep interest rates low until at least next year to help the U.S. economy recover. The announcement helped keep the dollar lower, giving investors an incentive to buy precious metals.
On Friday, June 20, US silver jumped up 4.3 percent, landing at $20.75 per ounce and making it the day’s biggest increase. The price of Indian silver climbed 4.2 percent to INR 45,392 ($754.04) per kilogram. Chinese silver finished the market day up 3.4 percent at CNY 4,300 ($690.27) per kilogram. Japanese silver finished the day up 2.5 percent to JPY 657.00 ($6.45) per 10 grams.
One of the day’s biggest movers was US gold bullion which rose 3.4 percent to close at $1,320 per ounce. Indian gold bullion rose 3.2 percent to INR 27,820 ($462.14) per 10 grams. Japanese gold bullion prices inched up 3.0 percent to JPY 4,294 ($42.13) per gram. After a 2.8 percent increase, Chinese gold bullion finished the day at CNY 262.90 ($42.20) per gram.
US platinum bar prices rose 1.6 percent to $1,468 per ounce. The price of Japanese platinum bar increased 1.0 percent to JPY 4,799 ($47.08) per gram. Chinese platinum bar saw its price rise 0.6 percent to CNY 311.00 ($49.92) per gram.
Prices for US palladium bar have gained increasing momentum since Monday, June 16. After climbing 1.6 percent, the metal closed at $836.00 per ounce. Chinese palladium bar gained 0.5 percent to finish at CNY 186.00 ($29.86) per gram. The price of Japanese palladium bar showed little movement last Friday at JPY 2,700 ($26.49) per gram.