Many investors are awaiting the release of the minutes from the Federal Reserve’s June policy meeting, which may hold clues concerning the direction of monetary policy that will affect both the dollar and gold.
Investment bank Goldman Sachs said it expected the Fed to raise interest rates in the third quarter of 2015 as opposed to the first quarter of 2016 made in an earlier prediction, though uncertainty ahead of the release of the Fed minutes on Wednesday steered investors away from the yellow metal.
On Monday, July 7, the day’s biggest mover was the price of Japanese palladium bar, which saw a 2.7 percent increase to JPY 2,860 ($28.01) per gram. This increase comes after two straight days of stagnant prices. At $862.00, the price of US palladium bar finished the market day up 0.8 percent per ounce. After a 0.5 percent increase, Chinese palladium bar finished the day at CNY 192.00 ($30.93) per gram.
The price of US platinum bar dropped by 1.2 percent to $1,486 per ounce after holding steady. Japanese platinum bar prices rose 0.4 percent to JPY 4,915 ($48.13) per gram. Chinese platinum bar finished the day up 0.3 percent to CNY 318.00 ($51.23) per gram.
The price of US gold bullion moved yesterday. After a few changeless days, prices dropped 1.0 percent to $1,314 per ounce. Monday saw the price of Japanese gold bullion drift down 0.5 percent to JPY 4,307 ($42.18) per gram after three quiet days. Chinese gold bullion prices weakened by 0.3 percent, settling at CNY 262.67 ($42.31) per gram. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, July 1. After falling for two days, the price of Indian gold bullion rose 0.2 percent to INR 27,586 ($461.58) per 10 grams.
The price of US silver fell 1.0 percent to $20.93 per ounce. Japanese silver prices saw a 0.3 percent decline to JPY 687.00 ($6.73) per 10 grams. Indian silver saw its price rise 0.3 percent to INR 45,830 ($766.85) per kilogram. The price of Chinese silver showed little movement on Monday at CNY 4,305 ($693.50) per kilogram.