Gold Recovering Thanks to Bargain Hunters, Silver Hits a 4-Year Low

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Gold, silver and bronze

Gold prices inched up on Monday on short-covering after a dollar rise and technical selling sent the precious metal to its weakest since early January earlier in the day.

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Silver also nearly erased earlier losses after falling to a four-year low.

Precious metals tumbled last week as the dollar rallied to a four-year high against a basket of major currencies after the U.S. Federal Reserve indicated it could raise borrowing costs faster than expected when it starts moving. On Monday, the dollar index rose 0.1 percent.

Decreasing 4.8 percent made Chinese silver the biggest mover of the day, finishing at CNY 3,925 ($637.50) per kilogram on Monday, September 22. Indian silver prices weakened by 3.8 percent, settling at INR 39,348 ($646.37) per kilogram. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, September 16. Japanese silver gained 0.2 percent to finish at JPY 648.00 ($5.95) per 10 grams. US silver saw little change in its price on Monday at $18.52 per ounce.

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The price of Chinese gold bullion declined 1.0 percent to CNY 240.15 ($39.01) per gram. At INR 26,640 ($437.61) per 10 grams, Indian gold bullion fell 0.8 percent yesterday. Japanese gold bullion finished the day up 0.4 percent to JPY 4,291 ($39.38) per gram. The price of US gold bullion remained steady at $1,225 per ounce.

Chinese platinum bar finished the day down 1.4 percent to CNY 280.00 ($45.48) per gram. The price of Japanese platinum bar increased 0.4 percent to JPY 4,743 ($43.53) per gram. The price of US platinum bar flattened at $1,342 per ounce after two days of downward movement.

Chinese palladium bar ended the day at CNY 180.00 ($29.24) per gram, after the 1.1 percent drop yesterday. For the fifth consecutive day, the price of Japanese palladium bar held flat at JPY 2,947 ($27.05) per gram. The price of US palladium bar flattened at $827.00 following two-days of declines.

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