Gold Falls on Weakened Demand From Number One Consumer China

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Gold Prices Going Up

Gold prices fell on Thursday after data showed China’s gold demand fell in the first six months of 2014 and as the US economy showed signs of continued improvement.

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The Wall Street Journal reported that data from the China Gold Association showed demand for physical gold slumped 19% to 569.45 metric tons during the first half of 2014. Chinese demand for gold bars fell 62% during the January to June period, while gold coin demand dropped 44%, the trade group said. China became the world’s top gold consumer and producer in 2014, edging out India for the first time.

Following a two-day decline, the price of Indian silver climbed up 1.9 percent to end at INR 45,864 ($762.95) per kilogram on Wednesday, July 23. Chinese silver prices inched up 0.3 percent to CNY 4,360 ($702.82) per kilogram. After a 0.2 percent increase, US silver finished the day at $20.96 per ounce. At JPY 679.00 ($6.69) per 10 grams, the price of Japanese silver was essentially unchanged.

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Chinese gold bullion ended the day at CNY 261.00 ($42.07) per gram, after the 0.5 percent drop on Wednesday. The price of US gold bullion fell 0.4 percent to $1,308 per ounce. The price of Japanese gold bullion declined 0.1 percent to JPY 4,266 ($42.04) per gram. Indian gold bullion held its value yesterday at INR 27,960 ($465.11) per 10 grams.

Japanese platinum bar prices saw a 0.8 percent decline to JPY 4,835 ($47.64) per gram. Chinese platinum bar finished the day down 0.3 percent to CNY 314.00 ($50.62) per gram. US platinum bar closed 0.3 percent lower at $1,482 per ounce.

US palladium bar prices saw a 0.5 percent decline to $870.00 per ounce. The price of Japanese palladium bar held steady at JPY 2,875 ($28.33) per gram. The price of Chinese palladium bar flattened at CNY 193.00 ($31.11) per gram after two days of downward movement.

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