Gold Futures Hit a 3-Month COMEX Low as Even Palladium Gets a Correction

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Gold futures gave up earlier gains, settling at a fresh three-month low on Wednesday as a stronger US dollar sapped investor appetite for the metal.

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Gold for December delivery, the most actively traded contract, fell $3.20, or 0.3%, to $1,245.30 an ounce on the Comex division of the New York Mercantile Exchange, the lowest close since June 4, The Wall Street Journal reported. A reversal in the dollar, which moved higher in late morning trading, forced gold to relinquish early-morning gains and move lower.

Closing at $856.00 per ounce on Wednesday, September 10, US palladium bar saw the biggest change at a 2.8 percent. The price of Japanese palladium bar continues hovering around JPY 3,023 ($28.48) per gram for the fifth day in a row. The price of Chinese palladium bar remained steady at CNY 194.00 ($31.59) per gram.

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At $1,384 per ounce, US platinum bar fell 0.7 percent yesterday. The price of Chinese platinum bar showed little movement on Wednesday at CNY 294.00 ($47.87) per gram. Japanese platinum bar stayed flat at around JPY 4,783 ($45.06) per gram.

At $1,256 per ounce, the price of US gold bullion was essentially unchanged. Chinese gold bullion held its value on Wednesday at CNY 248.30 ($40.43) per gram. The price of Indian gold bullion held steady at INR 27,403 ($453.13) per 10 grams. Japanese gold bullion saw little change in its price on Wednesday at JPY 4,285 ($40.37) per gram.

US silver saw its price rise 0.2 percent to $19.05 per ounce. The price of Chinese silver remained essentially flat at CNY 4,170 ($679.00) per kilogram. The price of Indian silver remained steady at INR 41,866 ($692.29) per kilogram. The price of Japanese silver remained essentially flat at JPY 647.00 ($6.09) per 10 grams.

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