Gold and Silver Hit New Lows, Triggering Investment Buying in India

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Silver

Gold and silver prices fell to lows in Asian trading hours on Monday because of a strengthening dollar, triggering some purchases from retail buyers in India ahead of the main festival season.

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The dollar is trading near six-year highs as investors bet a stronger US economy will eventually prompt the Federal Reserve to raise interest rates. Gold and silver have also fallen as the Fed has said it would end a bond-buying program in October that will tighten liquidity.

On Friday, September 19, the day’s biggest mover was the price of Indian silver, which saw a 1.4 percent decline to INR 40,910 ($673.03) per kilogram. The price of Japanese silver increased 1.3 percent to JPY 647.00 ($5.95) per 10 grams. The price of Chinese silver fell 0.5 percent to CNY 4,125 ($671.83) per kilogram. The price of US silver remained steady at $18.52 per ounce.

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The price of Indian gold bullion declined 1.2 percent to INR 26,862 ($441.92) per 10 grams. Friday saw the price of Chinese gold bullion drift down 1.1 percent to CNY 242.60 ($39.51) per gram after a couple of stagnant days. The price of Japanese gold bullion rose by 0.4 percent to JPY 4,274 ($39.28) per gram. At $1,225, the price of US gold bullion finished the market day up 0.1 percent per ounce.

The price of Chinese platinum bar moved last Friday. After a few changeless days, prices dropped 1.0 percent to CNY 284.00 ($46.25) per gram. Following three days of little change, the price of Japanese platinum bar rose by 0.6 percent to JPY 4,722 ($43.40) per gram. US platinum bar prices saw a 0.4 percent decline to $1,342 per ounce.

The price of Chinese palladium bar fell 1.1 percent last Friday to CNY 182.00 ($29.64) per gram after three straight days with no change. US palladium bar finished the day down 0.4 percent to $827.00 per ounce. The price of Japanese palladium bar remained essentially flat at JPY 2,947 ($27.08) per gram.

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