Gold Up on the Comex as Some Cash in on the Downturn

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Gold prices reversed losses Wednesday as investors locked in gains on bets that the metal’s price would decline following gold’s recent steep downturn, the Wall Street Journal reported.

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Gold for December delivery, the most actively traded contract, was recently up $1.70, or 0.2%, at $1,213.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices fell to $1,205 an ounce earlier in the session.

With the US economy steaming ahead while Europe and Asia stalls, investors expect the Federal Reserve to raise interest rates next year, a move that makes the dollar more attractive.

The price of Chinese palladium bar rose 1.7% on Tuesday, September 30, making it the day’s biggest mover. After two days of falling prices, it closed at CNY 175.00 ($28.46) per gram. The price of Japanese palladium bar flattened at JPY 2,839 ($25.95) following two-days of declines. The price of US palladium bar flattened at $786.00 per ounce after two days of downward movement.

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After a 0.4% increase, Chinese platinum bar finished the day at CNY 275.00 ($44.72) per gram. US platinum bar prices saw a 0.3% decline to $1,299 per ounce. At JPY 4,590 ($41.96) per gram, the price of Japanese platinum bar was essentially unchanged.

US gold bullion finished the day down 0.2% to $1,215 per ounce. Indian gold bullion saw its price rise 0.2% to INR 26,966 ($437.29) per 10 grams. Chinese gold bullion finished the day up 0.1% to CNY 241.56 ($39.28) per gram. Japanese gold bullion stayed flat at around JPY 4,285 ($39.17) per gram.

US silver closed 0.4% lower at $17.46 per ounce. The price of Indian silver fell 0.4% to INR 38,945 ($631.54) per kilogram. Chinese silver prices inched up 0.1% to CNY 3,930 ($639.03) per kilogram. The price of Japanese silver steadied at JPY 615.00 ($5.62) per 10 grams following two-days of dropping prices.

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