Dollar’s Advances Hurt Gold, Palladium Still Leads Precious

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Gold futures fell as the dollar strengthened, curbing demand for the metal as an alternative investment.

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The dollar climbed to the highest in 11 months against the euro and was the strongest against the yen since January. Federal Reserve Chairwoman Janet Yellen said on August 22 that policy makers must be certain the US economy is on a solid footing before boosting interest rates and the debate is shifting toward when to scale back extraordinary accommodation.

The price of US palladium bar rose 1.4 percent on Friday, August 22, making it the day’s biggest mover. After two days of falling prices, it closed at $876.00 per ounce. The price of Chinese palladium bar rose 1.1 percent to CNY 192.00 ($31.21) per gram after a two-day drop. The price of Japanese palladium bar held steady at JPY 2,900 ($27.92) per gram.

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At $1,414 per ounce, US platinum bar fell 0.6 percent last Friday. Japanese platinum bar closed 0.5 percent lower at JPY 4,748 ($45.72) per gram. The price of Chinese platinum bar flattened at CNY 299.00 ($48.60) following two-days of declines.

US gold bullion finished the day down 1.2 percent to $1,276 per ounce. The price of Indian gold bullion declined 1.1 percent to INR 27,806 ($459.34) per 10 grams. Chinese gold bullion ended the day at CNY 253.60 ($41.22) per gram, after the 0.5 percent drop last Friday. The price of Japanese gold bullion showed little movement last Friday at JPY 4,269 ($41.10) per gram.

The price of Indian silver is back up, rising by 1.4 percent last Friday to close at INR 42,863 ($708.07) per kilogram. The price of Chinese silver declined 0.2 percent to CNY 4,185 ($680.20) per kilogram. US silver prices saw a 0.2 percent decline to $19.41 per ounce. Japanese silver stayed flat at around JPY 636.00 ($6.12) per 10 grams.

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