Gold Steadies as European Economic Data Helps the Dollar

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Gold prices steadied on Tuesday as the dollar benefited from soft euro zone economic data which pushed the euro lower, while upbeat corporate earnings reports lifted European equity markets, according to Reuters.

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The dollar rose 0.25 percent against a basket of currencies, mostly aided by a lower euro after weaker-than-expected data on Italy’s service sector.

The US currency remained below a 10-1/2-month peak, however, due to lower US Treasury yields, whose returns are closely watched by the gold market, given that the metal pays no interest.

The price of US gold bullion closed up Monday, August 4 at $1,294 per ounce, halting two days of weakening prices with a 1.1 percent shift. Prices for Indian gold bullion have gained rising momentum since Tuesday, July 29. The metal settled at INR 28,175 ($463.17) per 10 grams after climbing 1.0 percent. Following a two-day drop, the price of Chinese gold bullion increased by 0.8 percent to CNY 257.45 ($41.66) per gram. The price of Japanese gold bullion declined 0.5 percent to JPY 4,251 ($41.45) per gram.

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US silver closed 0.3 percent lower at $20.32 per ounce. After a 0.2 percent increase, Chinese silver finished the day at CNY 4,310 ($697.41) per kilogram. After a couple of days of improving prices, the price of Indian silver held steady at INR 45,193 ($742.93). The price of Japanese silver held steady at JPY 677.00 ($6.60) per 10 grams.

The price of Japanese platinum bar declined 0.4 percent to JPY 4,859 ($47.38) per gram. The price of US platinum bar increased 0.4 percent to $1,462 per ounce. At CNY 308.00 ($49.84) per gram, Chinese platinum bar fell 0.3 percent yesterday.

Chinese palladium bar ended the day at CNY 191.00 ($30.91) per gram, after the 1.0 percent drop on Monday. Japanese palladium bar held its value yesterday at JPY 2,955 ($28.81) per gram. The price of US palladium bar remained essentially flat at $870.00 per ounce.

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