Gold futures slipped on Tuesday as upbeat US economic data stoked worries about higher interest rates, eclipsing haven demand for gold amid geopolitical tensions.
Gold for December delivery, the most active contract, fell $2.60, or 0.2%, to close at $1,296.70 a troy ounce on the Comex division of the New York Mercantile Exchange. While this was the first time in two weeks that gold closed below the psychologically important $1,300 level, prices remain up 7.9% year to date.
The day’s biggest mover was Indian silver, dropping 1.8 percent to settle at INR 42,720 ($702.40) per kilogram on Tuesday, August 19. US silver finished the day down 0.3 percent to $19.59 per ounce. The price of Chinese silver declined 0.1 percent to CNY 4,205 ($684.41) per kilogram. After a couple of days of decreasing prices, the price of Japanese silver held steady at JPY 636.00 ($6.20).
The price of Indian gold bullion fell 0.3 percent to INR 28,348 ($466.10) per 10 grams. The price of US gold bullion remained essentially flat at $1,297 per ounce. The price of Chinese gold bullion flattened at CNY 257.30 ($41.88) following two-days of declines. Japanese gold bullion held its value on Tuesday at JPY 4,283 ($41.73) per gram.
US platinum bar ended the day at $1,438 per ounce, after the 0.5 percent drop on Tuesday. Chinese platinum bar prices saw a 0.3 percent decline to CNY 305.00 ($49.64) per gram. After dropping for two days, the price of Japanese platinum bar flattened at JPY 4,806 ($46.83).
Following two days of rising prices, the price of US palladium bar dropped 0.6 percent to $889.00 per ounce. Closing at CNY 194.00 ($31.58) per gram put the price of Chinese palladium bar at a month high. The price of Japanese palladium bar showed little movement on Tuesday at JPY 2,940 ($28.65) per gram.