Gold futures were continuing their losses Wednesday after the Federal Reserve’s monetary policy statement turned out to be in line with investors’ expectations.
The Federal Open Market Committee voted to continue scaling back its monthly bond purchases and presented a more upbeat assessment of the economy just hours after a stronger-than-expected US economic growth report that saw the US economy growing at a 4% rate.
At INR 45,000 ($747.01) per kilogram, Indian silver moved up 1.6 percent on Wednesday, July 30, the day’s biggest change. Japanese silver saw its price rise 0.4 percent to JPY 673.00 ($6.59) per 10 grams. The price of Chinese silver declined 0.3 percent to CNY 4,300 ($695.75) per kilogram. After a couple of days of decreasing prices, the price of US silver held steady at $20.56.
Weakening prices followed two days of improvement as the price of Chinese gold bullion dropped 0.5 percent to CNY 258.65 ($41.85) per gram. US gold bullion closed 0.4 percent lower at $1,299 per ounce. At INR 27,898 ($463.11) per 10 grams, Indian gold bullion fell 0.1 percent yesterday. Japanese gold bullion prices inched up 0.1 percent to JPY 4,278 ($41.91) per gram.
The price of Chinese platinum bar closed at CNY 311.00 ($50.32) per gram. Following a couple days of improvement, the metal’s price weakened by 0.6 percent. Japanese platinum bar held its value yesterday at JPY 4,860 ($47.61) per gram. The price of US platinum bar remained steady at $1,474 per ounce.
After a 1.1 percent increase, Japanese palladium bar finished the day at JPY 2,933 ($28.73) per gram. US palladium bar finished the day down 0.1 percent to $876.00 per ounce. After a couple of days of improving prices, the price of Chinese palladium bar held steady at CNY 194.00 ($31.39).